Local News
12:11 pm
Fri January 17, 2014

Franchot Supports Easing Estate Tax Exemption

Maryland Comptroller Peter Franchot
Maryland Comptroller Peter Franchot
Credit official photo

SALISBURY, MD. (AP) - Comptroller Peter Franchot is expressing support for Maryland to recouple its estate tax with the federal government.

Frnachot voiced support for the change on Thursday at the Salisbury Area Chamber of Commerce's annual economic forecast event.

Maryland's presiding officers of the Legislature also have expressed support for the change.

Now, Mawryland 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.

Don Rush has report on economic outlook at the Chamber's annual event: