Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Maryland Legislators Have Agreed To Cut Estate Tax
Author: Scarinci Hollenbeck, LLC
Date: January 27, 2014
Key Contacts
Back
After passing on, people want to be sure that their assets are properly disbursed to family members. However, these assets often face estate tax law, which can cut into the value.
This tax varies from state to state, and has an impact on where wealthy retirees choose to live after leaving the work force for good. According to the Maryland Reporter, legislators have agreed to reduce the state’s high estate tax by returning it to federal standards, which may help keep retirees in Maryland.
“We’re going to phase out the estate tax, and raise it to the federal level,” Senate President Mike Miller told the Maryland Economic Development Association. “I hope we’re going to move forward on the inheritance and estate tax.”
The move to reduce the estate tax would cut Maryland taxes by $14 million this fiscal year, and as much as $87 million in four years. Currently, the estate and inheritance tax accounts for less than 2 percent of all state revenues, as very few estates pay any taxes.
Maryland isn’t the only state to consider cutting its estate tax, as New York Gov. Andrew Cuomo recently proposed $2 billion in tax cuts. According to The New York Times, this includes raising the estate tax exemption from $1 million to $5.25 million. The main goal behind this move is to reduce the number of New Yorkers who leave the Empire State when retiring. Cuomo’s proposal included an array of other cuts, which has garnered support.
“We need to change the environment and the perception of New York as a high-tax state,” Randy Wolken, the president of the Manufacturers Alliance of New York State, told the news source.
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
SPACs Are Back, What You Need to Know
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Short Form Merger: Streamlining the Process for Businesses
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
Tariff Response Options for Small Businesses Facing Financial Distress
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.