SALISBURY, Md. (AP) — 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.READ MORE: Stimulus Check Latest: Is A Fourth Relief Payment Coming?
Maryland’s presiding officers of the Legislature also have expressed support for the change.READ MORE: Maryland Zoo Reopens Oldest Section Of Facility As Walking Path
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.MORE NEWS: Capital Gazette Shooting: Maryland Officials React To Shooter's Sentence
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