Hearings were held this week for several bills introduced to reform Maryland’s estate tax.
Momentum is building to recouple Maryland’s estate tax with the federal law. The federal estate tax exempts the first $5.25 million of estates from the estate tax. Maryland’s exemption is far smaller, at $1 million. In addition, Maryland is one of only two states that levy both an estate tax and an inheritance tax. A Wall Street Journal article from late last year, entitled “States You Shouldn’t Be Caught Dead In,” painted a bleak picture for Maryland.
Republican Delegate Susan Krebs (Dist. 9B) has been promoting estate tax reform for years. “You’ve seen me every year for ten years,” Krebs told members of the House Ways & Means Committee. “It’s not that I don’t like coming here, but I’d love to put this to rest this year, and I think there is a lot of interest in it.”
Senate President Thomas V. Mike Miller and House Speaker Michael E. Busch have made recoupling the estate tax part of their joint business and economic development agenda. “We are totally out of line with the rest of the country and the federal government,” Speaker Busch said.
The Maryland Chamber has made estate tax reform a priority issue for the 2014 session. Recoupling Maryland’s estate tax would help small business owners by reducing their tax burdens and the complexity of their estate tax planning.
Here is the Maryland Chamber’s position statement. For more information, contact Mathew Palmer at firstname.lastname@example.org.
Legislative Issues Tag: Taxes