Part 4: Some important notes and final thoughts.
- Application Process: Estate representatives must properly apply for these benefits and provide documentation, such as proof of qualifying property use, ownership, and financial records, to the Oregon Department of Revenue.
- Recapture Possibility: If the heirs do not continue the qualifying use of the property for the required timeframe, the exclusion or credit may be subject to recapture, resulting in additional taxes owed.
- Oregon‐Specific Rules: These provisions apply only to Oregon estate taxes and are separate from federal estate tax rules.
- Only one option can be utilized: an estate can choose either the OR-NRE or the OR-NRC, but cannot use both.
In a broad overview, both the OR-NRE and the OR-NRC are designed to help the family farm (or ranch, or fish-hatchery, etc.) stay in the family. The property would need to say with a family member, or members, and the family would need to actively participate in the work of the natural resource property for a period of time, but the end result could be that the family farm stays intact for future generations.
If you have an interest in discovering more about the OR-NRE or the OR-NRC, please call our office to speak with Joseph Lewis or Glenn Munro. 541-342-5161
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Article by Isler CPA
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