summary
Introduced
01/11/2023
01/11/2023
In Committee
01/11/2023
01/11/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Inheritance Tax Rate - Beneficiaries of Limited Means FOR the purpose of altering, under certain circumstances, the inheritance tax due on certain property that passes from a decedent to or for the use of certain beneficiaries of limited means; and generally relating to the inheritance tax. BY repealing and reenacting, with amendments, Article - Tax - General Section 7-204 Annotated Code of Maryland (2022 Replacement Volume)
AI Summary
This bill alters the inheritance tax rate in certain circumstances for beneficiaries of limited means. Specifically, it provides that if a beneficiary of limited means (an individual with federal adjusted gross income not exceeding $125,000 or $250,000 for joint filers) elects to pay the inheritance tax, the rate for real property intended to be their primary residence or agricultural land they intend to maintain will be the lesser of the standard 10% rate or 20% of the beneficiary's federal adjusted gross income. The bill applies to decedents dying on or after July 1, 2023.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Ways and Means Hearing (13:00:00 2/2/2023 ) (on 02/02/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0100?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0100f.pdf |
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