Listen up Marylanders – Governor O’Malley has signed H.B. 739, Maryland Estate Tax – Unified Credit, into law. This bill repeals and then re-enacts Maryland’s state estate tax so that the current $1,000,000 estate tax exemption will increase as follows beginning on January 1, 2015:
- 2015 exemption – $1,500,000
- 2016 exemption – $2,000,000
- 2017 exemption – $3,000,000
- 2018 exemption – $4,000,000
- 2019 exemption – will equal the federal estate exemption, estimated to be $5,900,000 as indexed for inflation
Along with matching the federal estate tax exemption in 2019 and future years, beginning in 2019 the Maryland estate exemption will be portable between married couples. However, no changes were made to Maryland’s inheritance tax laws.
Photo: Bill signing ceremony for H.B. 739, Jay Baker/Executive Office of the Governor
- Update on Maryland Estate Tax
- Overview of Maryland Estate Tax Laws
- Overview of Maryland Inheritance Tax Laws
- State Estate Tax and Exemption Chart
- Overview of Current Federal Estate Tax Laws
- What is Portability of the Estate Tax Exemption?