Legislation to recouple Maryland’s estate tax with the federal law was passed by the House of Delegates last week by a vote of 119-14. The Maryland Chamber supports the bill, HB 739, as a priority issue for the 2014 session.
The federal estate tax exempts the first $5.34 million of estates from the estate tax. Maryland exemption is far smaller, at $1 million. This bill would gradually bring Maryland’s exemption up to the federal exemption over four years.
This legislation would help small business owners by reducing their tax burdens and the complexity of their estate tax planning. It would help keep high income earners in Maryland, supporting our economy and nonprofit sector. And, it would make us more competitive. For more information, contact Mathew Palmer at firstname.lastname@example.org.