Changes to Maryland’s Estate Tax
On March 21, 2014, for the first time in twelve years, Maryland has adjusted its estate tax. Maryland General Assembly passed House Bill 739 / Senate Bill 602 which changes the “unified credit” amount, i.e. the threshold of assets above which the estate tax applies, from the current $1 million to the federal credit amount. The Senate passed the measure by a vote of 36 to 10. The House vote was 119 to 14. This bill alleviates the problems in Maryland’s estate tax caused by its “de-coupling” from the Federal estate tax exemption. The bill gradually raises Maryland’s $1 million…