It’s official! Yesterday, Governor Martin O’Malley approved a new Maryland Estate Tax bill, increasing Maryland’s estate tax exemption level.
- In 2015, the amount that passes free of Maryland estate tax will increase from $1,000,000 to $1,500,000.
- In 2016, it increases to $2,000,000.
- In 2017, it increases to $3,000,000.
- In 2018, it increases to $4,000,000
- By 2019, the amount that passes free of Maryland estate tax will be exactly the same amount that passes free of Federal estate tax which is projected to be $5.9 million.
Many other bills (unrelated to estate planning) were signed into law yesterday as well. You can see a more complete list here.
More to follow…