The Maryland Senate last week gave final approval of legislation to recouple Maryland’s estate tax with the federal law by a vote of 36-10. 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. The legislation, HB 739, would gradually raise Maryland’s exemption to match the federal exemption over five years, starting in calendar year 2015.
The Maryland Chamber supports the bill as a priority issue for the 2014 session. This legislation would help small business owners by reducing their tax burdens and the complexity of their estate tax planning. It would also help keep high income earners in Maryland, supporting our economy and nonprofit sector
The bill now awaits Governor Martin O’Malley’s signature. For more information, contact Mathew Palmer at firstname.lastname@example.org.