HB 730 – Maryland Estate Tax – Unified Credit – Heard March 3 in Ways & Means Committee, Chamber Provides Testimony

The recoupling legislation passed the General Assembly last year as 2014 HB 739 and 2014 SB 602.

History:
Last session, the Maryland Chamber supported 2014 HB 739 and 2014 SB 602 recoupling Maryland’s estate tax with the Federal Estate Tax. The Federal Estate Tax exempts the first $5.25 million of the estate; Maryland’s exemption is far smaller at $1 million. With Maryland as one of only two states to have both an estate tax and an inheritance tax; and with an estate tax uncoupled from the federal rate (with a significantly smaller exemption) many business owners, high wage earners and those with significant estates left Maryland as they approached retirement.  When the 2014 legislation passed, the recoupling legislation put Maryland in line with a majority of states who have either no Estate Tax or have coupled with the federal rate thus making Maryland more attractive at retirement.

Position:
The Maryland Chamber strongly opposes HB 730 aimed at stopping Maryland’s Estate Tax from recoupling with the Federal Estate Tax. Should the General Assembly go back on its commitment to recouple with the federal rate, just one year after passing this important legislation, it returns Maryland to one of the worst states for retirement and sends a message to business owners, investors, and high-wage earners that they are not welcome in Maryland and they should once again look to other states to invest, retire and make their home.

The Chamber’s position statement on HB 730 is available online.  If you have any questions contact Mathew J. Palmer, Senior Vice President, Government Affairs, mpalmer@mdchamber.org.

Legislative Issues Tag: Taxes

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