74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2768
 
                         House Bill 3523
 
Sponsored by Representative CLEM; Representatives BEYER, BOONE,
  BOQUIST, BUCKLEY, BURLEY, COWAN, DALLUM, C EDWARDS, D EDWARDS,
  GARRARD, HUNT, MINNIS, OLSON, ROBLAN, SCHAUFLER, P SMITH,
  THATCHER, WITT, Senator WESTLUND
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Excludes farm use real property and equipment from gross estate
of decedent subject to inheritance tax.
  Applies to estates of decedents who die on or after effective
date of Act.
  Takes effect on 91st day following adjournment sine die.
 
                        A BILL FOR AN ACT
Relating to inheritance tax exclusions; and prescribing an
  effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2007 Act is added to and made
a part of ORS 118.005 to 118.840. + }
  SECTION 2.  { + (1) As used in this section, 'farm use property
' means:
  (a) Land employed in farm use, as defined in ORS 308A.056; and
  (b) Personal property employed in farm use that is exempt from
ad valorem property taxation under ORS 307.394.
  (2) For purposes of computing the tax imposed under ORS
118.010, the gross estate of a decedent may not include the value
of farm use property. + }
  SECTION 3.  { + Section 2 of this 2007 Act applies to estates
of decedents who die on or after the effective date of this 2007
Act. + }
  SECTION 4.  { + This 2007 Act takes effect on the 91st day
after the date on which the regular session of the Seventy-fourth
Legislative Assembly adjourns sine die. + }
                         ----------