ORS 118.300
Deferred payment election

  • bond or letter of credit
Any beneficiary of any property chargeable with a tax under this chapter and personal representatives and trustees, may elect, on or before the date on which the estate tax is due and payable under ORS 118.100 (Time for filing return and paying tax), not to pay the tax until the person or persons beneficially interested therein shall come into actual possession or enjoyment thereof. If it is personal property, the person or persons so electing shall give a bond or irrevocable letter of credit to the state in double the amount of the tax, with such sureties or issued by such insured institution as defined in ORS 706.008 (Additional definitions for Bank Act) as the Director of the Department of Revenue may approve, conditioned for the payment of the tax and interest thereon, at such time and period as the person or persons beneficially interested therein may come into actual possession or enjoyment of the property, which bond shall be executed and filed, and a full return of the property made to the Director of the Department of Revenue within six months from the date of transfer thereof, as in this section provided. The bond or letter of credit must be renewed every five years. [Amended by 1969 c.591 §216; 1975 c.762 §10; 1977 c.666 §14; 1991 c.331 §34; 1997 c.99 §14; 1997 c.631 §406; 2011 c.526 §13]

Source: Section 118.300 — Deferred payment election; bond or letter of credit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors118.­html (accessed May 26, 2025).

Current through early 2026

§ 118.300. Deferred payment election's source at oregon​.gov