ORS 118.152
Credit allowed for use of small forest owner minimum option
(1)
The definitions in ORS 315.124 (Small forestland owner using standard practice harvest restrictions) apply to this section.(2)
If, at the date of death, a decedent held the certification for a credit under ORS 315.124 (Small forestland owner using standard practice harvest restrictions), the estate of the decedent shall be allowed a credit for use of the small forest owner minimum option, as provided in ORS 315.124 (Small forestland owner using standard practice harvest restrictions), to the extent that the credit has not been used to offset income taxes.(3)
If the forest conservation area for which a credit under ORS 315.124 (Small forestland owner using standard practice harvest restrictions) was allowed is contained in the decedent’s estate, and if the timber in the forest conservation area is subsequently harvested or otherwise removed in violation of the harvest restriction recorded for the forest conservation area, the Department of Revenue may impose additional tax, interest and penalties under ORS 118.005 (Definitions for ORS 118.005 to 118.540) to 118.540 (Department agreements with taxing officials of other states). The additional tax liability shall be the amount of credit used against the decedent’s taxable estate.(4)
The estate shall provide notice of the amount of credit received to the heirs or devisees, who will maintain records of the credit used.(5)
Any unused amount of credit may be distributed to the heirs or devisees for use as a credit against the taxes imposed under ORS chapter 316, 317 or 318. [2022 c.34 §9]
Source:
Section 118.152 — Credit allowed for use of small forest owner minimum option, https://www.oregonlegislature.gov/bills_laws/ors/ors118.html.
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