Thank you to everyone who worked so hard in support of Measure 84. In the end, we were overwhelmed by an expensive opposition media campaign which distorted the real meaning of Measure 84. We had an outstanding grassroots campaign and you all made a difference in this effort. While Measure 84 went down to defeat, our mission to end the Oregon death tax will carry forward. This is just the beginning of the fight to eliminate a double tax which is harmful to family owned businesses and farms.
The Yes on 84 Campaign Team
Measure 84: The Death Tax Phase-Out Act
Ballot Measure 84 phases out the Oregon estate tax by reducing the existing tax by 25% in 2013, 50% in 2014, and 75% in 2015. As of January 1, 2016, the tax is zero.
In addition, Measure 84 forbids any new tax on any property transfer among living family members. It phases out the capital gains tax on property sales within a family on the same schedule as the phase out of the death tax.
This creates two safe harbors. One prohibits any estate or inheritance tax by any unit of government in Oregon; the existing tax is phased out over three years, and then it is prohibited. This allows families to do whatever they want with their estates.
The second safe harbor is for property transfers among living family members. Any property transfer within a family cannot be subjected to any new tax, and the existing tax (the capital gains tax on property sales) is phased out.
So, as of January 1, 2016, families can do whatever they want to transfer their property within the family without having to pay state or local taxes.A cool way to improve
“Ending Oregon’s death tax is about more than my job and the jobs we create for rural Oregon; it is about sustaining the legacy and land my great-great grandpa started farming over a century ago that is my family’s livelihood.”