Bill increasing the Maryland estate tax exemption amount passes the Maryland Senate

Previously, we updated you that the Maryland House of Delegates passed House Bill 739 which would increase the Maryland estate tax exemption amount over the next 5 years.  Today, the Maryland Senate voted to pass the cross-filed Senate Bill 602.  Governor Martin O’Malley will still need to sign or veto the bill before May 27, 2014 for it to become law.

You can find the full text of the bill here.

For more information, the Washington Post interviewed legislators and the governor about the passage of the bill.

Prior posts regarding the Maryland estate tax:

House Bill increasing Maryland estate tax exemption passes

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