estate tax

Don Rush

DOVER, Del. (AP) - Republican lawmakers have introduced legislation to eliminate Delaware's estate tax effective July 1.

The legislation introduced Thursday aligns with a recommendation by a state panel formed by Democratic Gov. Jack Markell.

The panel, which studied how to make Delaware's revenues more predictable and aligned with economic conditions, noted that the estate tax is volatile and brings in little money - only $1.3 million last year.

Don Rush

ANNAPOLIS, Md. (AP) - The Maryland Senate has approved raising the exemption on the estate tax.

The Senate voted 36-10 on Thursday for a measure already approved by the House of Delegates. That sends the bill to Gov. Martin O'Malley.

The measure would recouple Maryland's estate tax to the federal one in several years. Now, Maryland estates worth more than $1 million are taxed at a rate of up to 16 percent.

Don Rush

ANNAPOLIS, Md. (AP) - Some nonprofit organizations say Maryland's estate tax is driving their wealthy donors out of state during retirement. They support a new bill raising the estate tax exemption to $5.34 million per spouse.

House Speaker Michael Busch testified before the House Ways and Means Committee on this bill Wednesday. Miller filed the bill with dozens of co-sponsors.

The federal exemption is $5.34 million, and Maryland's is $1 million.

governor.delaware.gov

DOVER, Del. (AP) - Democratic Gov. Jack Markell's proposals to make several recession-era tax increases permanent have been cleared for a state Senate vote.

A Senate committee released the bills after a hearing Wednesday. The measures passed the House last week on party-line votes, with only one Democrat voting against them.

Democrats say the tax increases are needed to ensure stable revenues as Delaware continues a slower-than-expected economic recovery.

123rf.com

DOVER, Del. (AP) - The state House has approved series of proposals by Democratic Gov. Jack Markell to make several recession-era tax increases permanent.

The tax increases were approved Thursday on party line votes in the Democrat-controlled House.

Rep. John Atkins of Millsboro, a former Republican, was the only Democrat who joined GOP lawmakers in voting against the measures.

Two of the bills keep increases in corporate franchise and estate taxes that were approved in 2009 from expiring after four years as lawmakers had said they would.

Governor Jack Markell wants to make the 2009 tax increases permanent…to shore up a $3.7 billion proposed budget that again does not include pay raises for state employees.

The tax increase for corporations and individuals are set to expire in July…and would help fill in the expected $56 million of expected budgetary red ink.

Still the Wilmington News Journal reports that the Delaware Democrat’s spending plan does reduce by a third the earlier personal income tax increase and cuts the gross receipts tax increase especially for manufacturers.

The clock’s ticking to reach a consensus on expanding gambling in the state of Maryland.

That’s the word from Governor Martin O’Malley, who told the Salisbury Daily Times in an interview, that he has still not decided whether to call a special session to legalize table games and put a 6th casino in Prince George’s County.

He said that he met last Friday with Maryland House Speaker Michael Busch to discuss the options.

He also turned his attention to the federal lawsuit filed against the Hudson Farm in Berlin that charges it with polluting a nearby a creek.