Does Maine have estate taxes?
For decedents dying on or after January 1, 2013, Maine imposes a tax on estates based on the value of the Maine taxable estate, even if there is no federal estate tax.
What was the estate tax exemption in 2011?
$5,000,000
Tax Exemptions and Rates Over the Years
| Year | Estate Tax Exemption | Top Estate Tax Rate |
|---|---|---|
| 2011 | $5,000,000 | 35% |
| 2012 | $5,120,000 | 35% |
| 2013 | $5,250,000 | 40% |
| 2014 | $5,340,000 | 40% |
Was there estate tax in 2010?
Answer. The federal estate tax has been effectively repealed for decedent’s dying in 2010. This means that, unless new legislation is enacted, there is no federal estate tax for individuals dying in 2010.
How does Maine estate tax work?
The following is a general, simplified, explanation of how the Maine estate tax works. The first $5.87 million of a resident decedent’s estate is exempt from tax. The tax is 8% on the amount between $5.87 million and $8.8 million; 10% on the amount between $8.8 million and $11.8 million, and 12% on the excess.
Do you have to file an estate tax return in Maine?
If you answer “yes” to either of the following questions, you must file a Maine estate tax return. A) Is a federal estate tax return required? If a federal Form 706 is required, then a Maine estate tax return is also required if there is any Maine property in the decedent’s estate.
How is the value of an estate determined in Maine?
No. Maine law provides that where an estate has a federal tax liability, the federal value will be the value for Maine purposes unless the State Tax Assessor determines a different value. For estates with no federal filing, the Assessor will determine the value of the estate in accordance with principles of federal tax law.
Do you have to file gap estate tax in Maine?
If the answer to A) is “no” and the answer to B) is “yes”, the estate is a gap estate and you must file a pro forma federal Form706 with Form 706ME. The fact that a federal Form 706 is not required does not mean that an estate is not liable for Maine estate tax.
What is the annual exclusion for estate tax in Maine?
For estates of decedents dying in 2021, the annual exclusion amount is $5,870,000 and tax is computed as follows:
