Maine has made significant changes to their estate tax following a legislative override of the governor’s veto. The new law pegs the estate tax exemption to the federal level and sets a tax rate that starts at %8 and caps at %12 for estates worth more than $6 million over the exception. As with many recent changes by states, supporters argue that the tax drives wealthy families out to other states that have abolished death levies and hurts small family business.
See Jana Magnuson, New Maine Budget Brings Significant Change to Estate Tax Law, JD Supra, July 3, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
