Reminder that during the 2014 Legislative session Maryland passed legislation increasing the exemption amount for taxable estates. The proposed exemption amount will continue to increase each year through 2019. For all deaths in 2014, if the value of the taxable estate is below $1 million dollars, the estate will not owe any Maryland tax.
In 2015, the amount increased to $1.5 million.
In 2016, the amount increased to $2 million.
In 2017, the amount increased to $3 million.
This year, in 2018, the amount will increase to $4 million.
In 2019, the amount increases to the federal estate tax exemption amount which is indexed for inflation annually.
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