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January 2010 Inheritance Tax Advisory
Form IT-1, 2009 Oregon Inheritance Tax Return, is available now. 

Forms

Our new form, Request for Discharge from Personal Liability for Oregon Inheritance Tax (150-103-005, Rev. 12-09) is available. This new request form is used only for Oregon inheritance tax (Form IT-1).

Our existing form, Election for Final Tax Determination for Income Taxes and Application for Discharge from Personal Liability for Tax of a Decedent's Estate (150-101-151, Rev. 08-08) is used with both individual income tax (Form 40 series) and fiduciary income tax (Form 41).

Natural Resource and Fishing Business Property Credit

The Oregon Natural Resource and Fishing Business Property credit is available for deaths on or after January 1, 2007. The 2008 House Bill 3618 amends ORS 118.140 and allows the credit. See our Form IT-1 instructions for line 18 and use the Oregon Schedule NRC when claiming the credit.
 

Connection to the Internal Revenue Code (IRC)

Oregon inheritance tax law is tied to federal estate tax law as of December 31, 2000.
  • Compute tentative tax on taxable estate using Table A.
  • Compute Oregon Inheritance Tax using Table B.
 
Oregon inheritance tax is 100 percent of the state death tax credit allowed by 2000 federal law, not the reduced amount as allowed on the 2002-2004 federal estate return (Form 706).
 
As of 2005, the federal estate tax law allows the state death tax as a deduction on Form 706. Oregon does not allow the calculation of taxable estate after the state death tax deduction.
 

Consent to Transfer Stock

Have you been asked to obtain a consent to transfer stock or a stock waiver certificate from the Department of Revenue? If the date of death is 1987 or later, it is no longer necessary to obtain the department's consent to transfer stocks, bonds, and mutual funds owned by decedents whose deaths occurred on or after January 1, 1987. The repeal of Oregon Revised Statute 118.230 went into effect on September 27, 1987. Therefore, the department does not have jurisdiction to provide a release of any of the above-mentioned assets for deaths in 1987 and later.

If the date of death was before 1987, please contact the department for the application for consent to transfer stock. You may e-mail your request.
 
 
Forms and instructions
 
Contact us with questions about inheritance tax.