Maine ~ Estate Tax: Substantive Changes Enacted for 2013

A new Maine estate tax chapter has been enacted that is applicable to the estates of persons who die after December 31, 2012. The current Maine estate tax chapter has been modified to state that the chapter applies to estates of persons who die after June 30, 1986, and before January 1, 2012.

Under the new Maine estate tax provisions, among other changes, the amount of Maine estate tax, if the taxable estate is $2 million or less, is $0; if it is more than $2 million but no more than $5 million, the tax is 8% of the excess over $2 million; if it is more than $5 million but no more than $8 million, the tax is $240,000 plus 10% of the excess over $5 million; and if it is more than $8 million, the tax is $540,000, plus 12% of the excess over $8 million.

Provisions in the legislation concerning income tax

TAXDAY, 2011/06/22, S.18, sales and use taxes TAXDAY, 2011/06/22, S.19, and practice and procedure TAXDAY, 2011/06/22, S.20, are reported separately.

L.D. 1043 (H.P. 778), Laws 2011, applicable as noted above

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Wolters Kluwer Tax and Accounting

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