Friday, May 23, 2014
As I have previously discussed, Maryland has been in the process of revising its state estate tax. The new estate tax law has now been signed into law by Maryland Governor Martin O’Malley. The changes include an incremental increase in the tax exemption for five years and the addition of portability in 2019. Over five years the increases will bring the state tax exemption up to the Federal exemption amount.
See Travis Harrison & Ellen K. Harrison, Maryland Estate Tax Cut, Pillsbury, May 19, 2014.