Or. Admin. Code § 629-607-0600 - Forest Conservation Tax Credit - Transfer to Heirs

(1) Upon the death of a small forestland owner who has been granted a forest conservation tax credit and where there is a credit balance remaining, the executor of the small forestland owner's estate shall provide notarized written notice to the Small Forest Owner Assistance Office informing the office that the remaining forest conservation tax credit shall be transferred to heirs or devisees of the small forestland owner. At a minimum, the written notice must include all the following:

(a) Full legal name of the small forestland owner to which the certificate of the forest conservation tax credit was originally issued;

(b) Full legal name of heir(s) and or devisee(s) eligible to receive the remaining forest conservation tax credit;

(c) Percentage(s) amount of forest conservation tax credit remaining to be divided amongst each listed heir and or devisee;

(d) An attestation that no harvesting has occurred within the original certified forest conservation area.

(2) The executor of the small forestland owner's estate may be required to provide additional documentation to the Department of Revenue (e.g., a probate judgement or additional tax identification information), for verification and forest conservation tax credit tracking.

(3) After receiving and reviewing documentation provided by the executor of the estate, the Small Forestland Owner Assistance Office shall provide heirs or devisees of the estate an amended certification. Heirs or devisees must provide documentation prescribed by the Department of Revenue to maintain the forest conservation tax credit.

(4) If the small forestland owner, or the owner's estate heir or devisees, elects to conduct a timber harvest in the forest conservation area, or if the State Forester determines a harvest has occurred in violation of the deed restriction, the Small Forestland Owner Assistance Office shall revoke the certification and notify the Department of Revenue in a manner consistent with ORS 315.061.

Notes

Or. Admin. Code § 629-607-0600

DOF 7-2022, adopt filed 11/21/2022, effective 1/1/2024; DOF 1-2024, amend filed 01/03/2024, effective 1/3/2024

Statutory/Other Authority: ORS 527.710 & Section 2(11), Chapter 34, Oregon Laws 2022

Statutes/Other Implemented: Section 3, Chapter 34, Oregon Laws 2022