Md. Comptroller Supports Changing Estate Tax
SALISBURY, Md. — Comptroller Peter Franchot is expressing support for Maryland to recouple its estate tax with the federal government.
Franchot voiced support for the change on Thursday at the Salisbury Chamber of Commerce’s annual economic forecast event.
Maryland’s presiding officers of the Legislature also have expressed support for the change.
Now, Maryland estates worth more than $1 million are taxed by the state at a rate of up to 16 percent, while the federal government exempts the first $5.25 million of estates, but taxes them up to 40 percent after that.
Franchot says the large gap between Maryland and the federal estate tax exemption creates an uncompetitive environment with neighboring states.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)