Speaking at the Maryland Chamber’s Maryland Business Reception last week, leading Maryland lawmakers from both parties were united in support of estate tax reform.
“We are totally out of line with the rest of the country and the federal government,” House speaker Michael Busch said. “We are only one of two states that have an inheritance tax and an estate tax. The exemption at the federal level is $5 million, we are at $1 million.”
Senate Minority Leader David Brinkley has pushed estate tax reform in the past, and he is happy to see it gaining momentum in Annapolis. “I applaud the leadership with getting on board with moving in the estate tax recoupling, Brinkley said. “We want those people that have capital and can choose to stay in Maryland not to have the tax issue as a reason to leave Maryland.”
Brinkley introduced legislation last session that would have recoupled with the federal government right away. The bill failed to move, largely because of the fiscal note. This year, he introduced a bill to phase up Maryland’s exemption, from $1 million to $4 million over four years. His bill, SB 155, won the support of several democrats, including Senate President Thomas V. Mike Miller. The legislation will be heard in the Senate Budget and Taxation Committee on February 5. Committee Chairman Edward Kasemeyer said that estate tax reform is one of his priorities for this session.
The Maryland Chamber supports the legislation and has made estate tax reform a priority issue for the 2014 session. For more information, contact Mathew Palmer at email@example.com.
Legislative Issues Tag: Taxes