Maryland General Assembly bill seeks to recouple Maryland estate tax with the Federal estate tax

The Maryland General Assembly has a bill before it that would increase the Maryland estate tax exemption amount by $1,000,000 each calendar year until the state exemption matches the federal exemption in 2017.  The estate tax in Maryland would progress as follows:

Prior to January 1, 2014 – $1,000,000

Between January 1, 2014 and December 31, 2014 – $2,000,000

Between January 1, 2015 and December 31, 2015 – $3,000,000

Between January 1, 2016 and December 31, 2016 – $4,000,000

After January 1, 2017 – The applicable exclusion amount corresponding to the applicable unified credit amount as set for federal estate tax purposes (in 2014, this amount is $5,340,000)

The bills before the General Assembly are SB 155 and HB 188.

Read more in the Baltimore Business Journal.