Maine LD 501: An Act To Amend the Estate Tax Laws

LD 501 (subjects: ESTATE TAX , PROVISIONS REVISED )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=501&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Rep. Peter Stuckey of Portland: (D – District 42) — e-mail

6 Cosponsors:

Actions

Chamber

Action
2/24/2015 House Committee on Taxation suggested and ordered printed.
The Bill was REFERRED to the Committee on TAXATION.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/24/2015 Senate On motion by Senator McCormick of Kennebec, REFERRED to the Committee on Taxation, in concurrence.
4/23/2015 Senate Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

Bill Text

.

An Act To Amend the Estate Tax Laws

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA 4102, sub- 5, as enacted by PL 2011, c. 380, Pt. M, 9, is amended to read:

5. Maine exclusion amount. “Maine exclusion amount” means $2,000,000 for the estates of decedents who die after December 31, 2012 but before January 1, 2016 and $1,000,000 for the estates of decedents who die on or after January 1, 2016.

Sec. 2. 36 MRSA 4103, sub- 1, as enacted by PL 2011, c. 380, Pt. M, 9, is amended to read:

1. Imposition of tax; decedents who die after December 31, 2012 but before January 1, 2016. A tax is imposed on the transfer of the Maine taxable estate of every person who, at the time of death, was a resident of this State. The amount of tax for the estates of decedents who die after December 31, 2012 but before January 1, 2016 is determined as provided in this section subsection.

A. If the Maine taxable estate is $2,000,000 or less, the tax is $0.
B. If the Maine taxable estate is more than $2,000,000 but no more than $5,000,000, the tax is 8% of the excess over $2,000,000.
C. If the Maine taxable estate is more than $5,000,000 but no more than $8,000,000, the tax is $240,000 plus 10% of the excess over $5,000,000.
D. If the Maine taxable estate is more than $8,000,000, the tax is $540,000 plus 12% of the excess over $8,000,000.

The amount of this tax is multiplied by a fraction, the numerator of which is the value of that portion of the decedent’s adjusted federal gross estate that consists of real and tangible personal property located in this State plus the value of all intangible personal property and the denominator of which is the value of the decedent’s adjusted federal gross estate.

Sec. 3. 36 MRSA 4103, sub- 1-A is enacted to read:

1-A. Imposition of tax; decedents who die on or after January 1, 2016. A tax is imposed on the transfer of the Maine taxable estate of every person who, at the time of death, was a resident of this State. The amount of tax for the estates of decedents who die on or after January 1, 2016 is determined as provided in this subsection.

A. If the Maine taxable estate is $1,000,000 or less, the tax is $0.
B. If the Maine taxable estate is more than $1,000,000 but no more than $5,000,000, the tax is 8% of the excess over $1,000,000.
C. If the Maine taxable estate is more than $5,000,000 but no more than $8,000,000, the tax is $240,000 plus 10% of the excess over $5,000,000.
D. If the Maine taxable estate is more than $8,000,000, the tax is $540,000 plus 12% of the excess over $8,000,000.

The amount of this tax is multiplied by a fraction, the numerator of which is the value of that portion of the decedent’s adjusted federal gross estate that consists of real and tangible personal property located in this State plus the value of all intangible personal property and the denominator of which is the value of the decedent’s adjusted federal gross estate.

summary

This bill reduces the $2,000,000 Maine exclusion amount for the Maine estate tax to $1,000,000 for the estates of decedents who die on or after January 1, 2016.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 501 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

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