Relating to exclusions from estate tax; prescribing an effective date.

HB 3428 adds a $1 million estate tax exclusion for Oregon estates, meaning this amount is subtracted from the taxable estate before calculating tax. Starting January 1, 2027, this exclusion amount will automatically increase each year based on inflation, using the U.S. Consumer Price Index. The bill applies to estates of people who die on or after January 1, 2026, directly affecting Oregon residents and non-residents owning property in Oregon at death. The exclusion is added to existing deductions under Oregon law, reducing the tax burden for estates below the new threshold.