Senator Jonathan Nichols has won approval from the full Senate for a measure to exempt estate sales from taxation. The Norman Republican says the whole idea is to make dealing with the loss of a loved one less complicated for the family.
It is hard enough to deal with the death of a parent or other loved one, but often the family must also deal with liquidating the estate of the deceased. Thats traumatic enough. The idea of then having to sit down and figure out sales taxes on those belongings is just an additional burden the family doesnt need at a time like that, said Senator Nichols.
Senator Nichols believes that Senate Bill 935 will remove that burden. The legislation exempts sales of personal property as long as the estate sale is held at the former home of the deceased. The sale must be conducted within six months of the persons death. The exemption would not apply if the sale is conducted by an auctioneer or a person in the estate sale business.
I realize the legislature will have to make some tough decisions about the budget this year, but surely we can at the very least afford a tax break for families who are having to conduct a sale of their deceased loved ones estate, commented Senator Nichols. The bottom line is families have enough to deal with at a time like this. Hopefully this legislation will make that process less complicated.
The legislation now moves to the House for further consideration.