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SB 646 - Establishes a Maryland Estate Tax - Maryland Key Vote

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Issues Related to SB 646

Stage Details

Legislation - Bill Passed (House) (90-49) - (Key vote)
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Title: Establishes a Maryland Estate Tax

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Vote Smart's Synopsis:

Vote to pass a bill that establishes a Maryland estate tax.

Highlights:

 

  • Increases the Maryland estate tax to $5 million for a decedent dying on or after January 1, 2019, plus any deceased spousal unused exclusion amount (Sec. 1).

  • Defines “deceased spousal unused exclusion amount” as the applicable exclusion amount in effect at the time of the death of the last predeceased spouse of the decedent reduced by the taxable estate of the last predeceased spouse (Sec. 1):

    • As reported on a Maryland estate tax return filled with the comptroller; or

    • As reported on a federal estate tax return, if the last predeceased spouse was not a maryland resident and no property with a maryland estate tax situs was includible in the gross estate of the of the last predeceased spouse.

  • Specifies that the deceased spousal unused exclusion amount is not to be taken into account unless (Sec. 1):

    • The last predeceased spouse died on or after January 1, 2019, a Maryland estate tax return is timely filed for the last predeceased spouse, on which the deceased spousal unused exclusion amount is calculated and an irrevocable election is made that the deceased spousal unused exclusion amount may be taken into account; or

    • The last predeceased spouse died before January 1, 2019, or was not a Maryland resident and no property with a Maryland estate tax situs was includible in the gross estate of the last predeceased spouse, an election was made under the Internal Revenue Code on the Federal Estate tax Return of the last predeceased spouse.  

Legislation - Bill Passed (Senate) (36-9) -

Title: Establishes a Maryland Estate Tax

Legislation - Introduced (Senate) -

Title: Establishes a Maryland Estate Tax

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