House Considers Raising Estate Tax Exemption - 47 ABC - Delmarva's Choice

House Considers Raising Estate Tax Exemption

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ANNAPOLIS, Md. (AP) - Some nonprofit organizations say Maryland's estate tax is driving their wealthy donors out of state during retirement. They support a new bill raising the estate tax exemption to $5.34 million per spouse.

House Speaker Michael Busch testified before the House Ways and Means Committee on this bill Wednesday. Miller filed the bill with dozens of co-sponsors.
    
The federal exemption is $5.34 million, and Maryland's is $1 million.
    
Opponents - including Maryland Nonprofits, an organization representing more than 1,400 of the state's nonprofit groups - say it would cost too much tax revenue.
    
The Department of Legislative Services estimates tax revenue losses of nearly $138 million annually when the exemption is fully phased in.
    
A recent study from Phoenix Marketing International showed Maryland has the nation's highest per-capita ratio of millionaires.

 

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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