Wednesday, November 7, 2012
Oregon voters rejected Measure 84 in the general election, which would have abolished the state estate tax on estates worth more than $1 million. The supporters of the measure argued that Measure 84 was necessary to protect the interests of family farms and other small businesses. These individuals are likely to incur a large estate tax on the wealth that is encapsulated within the farm or business itself when the owner dies and passes the property to another family member. This could place the business or farm in jeopardy because the new owner would have to liquidate assets to pay the estate tax. According to the Legislative Revenue Office, the estate tax will likely only apply to a small percentage, about 2%, of citizens in the State of Oregon.
See State Measure 84: Estate Tax Revision Fails, The Oregonian, Nov. 6, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.