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Will the Estate Tax Exemption in MD Increase?

By former Associate Allison Lee

Senate Moves Legislation Ahead to Increase The Exemption Over the Next 5 Years

On second reading, the Maryland Senate preliminarily approved legislation increasing the Maryland estate tax exemption for individuals dying after 2014. Senate Bill 602 was amended to increase the Maryland estate tax exemption gradually over the next five years to the federal estate tax exemption as follows:

2015 – $1,500,000
2016 – $2,000,000
2017 – $3,000,000
2018 – $4,000,000
after 2018 – the federal estate tax exemption (currently $5,340,000 adjusted annually for inflation)

The House voted to pass the same legislation earlier this month.

A final vote in the Senate could come as early as Thursday. We will keep you posted.