Maine Revised Statutes Title 36 Sec. 4063-A – Tax on estate of resident
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1. Amount. A tax is imposed upon the transfer of the estate of a person who dies during the calendar year 2002 and who, at the time of death, was a resident of this State. The amount of this tax is equal to the lesser of:
A. The federal estate tax calculated prior to the application of the federal credit; and [PL 2001, c. 559, Pt. GG, §5 (NEW); PL 2001, c. 559, Pt. GG, §26 (AFF).]
B. The amount by which the federal credit divided by .75 exceeds the lesser of:
(1) The aggregate amount of all constitutionally valid estate, inheritance, legacy and succession taxes actually paid to the several states of the United States, other than this State, in respect of any property owned by that decedent or subject to those taxes as a part of or in connection with the decedent’s estate; and
(2) An amount equal to such proportion of the federal credit as the value of properties taxable by other states bears to the value of the entire federal gross estate wherever situated. [PL 2001, c. 559, Pt. GG, §5 (NEW); PL 2001, c. 559, Pt. GG, §26 (AFF).]
[PL 2001, c. 559, Pt. GG, §5 (NEW); PL 2001, c. 559, Pt. GG, §26 (AFF).]
Terms Used In Maine Revised Statutes Title 36 Sec. 4063-A
- Decedent: A deceased person.
- federal credit: means the maximum credit against the tax on the federal taxable estate for state death taxes determined under the Code, Section 2011 as of December 31, 2002 exclusive of the reduction of the maximum credit contained in the Code, Section 2011(b)(2); the period of limitations under the Code, Section 2011(c); and the termination provision contained in the Code, Section 2011(f). See Maine Revised Statutes Title 36 Sec. 4062
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Legacy: A gift of property made by will.
- Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111
- Resident: means a natural person domiciled in this State at the time of that person's death. See Maine Revised Statutes Title 36 Sec. 4062
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Transfer: includes the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain sale, gift or appointment in the manner described in this chapter. See Maine Revised Statutes Title 36 Sec. 4062
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
- value: means , with respect to an estate or to property included in an estate, including Maine qualified terminable interest property, the value as determined by the assessor in accordance with the Code. See Maine Revised Statutes Title 36 Sec. 4062
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Values.
[PL 2005, c. 622, §19 (RP).]
SECTION HISTORY
PL 2001, c. 559, §GG5 (NEW). PL 2001, c. 559, §GG26 (AFF). PL 2005, c. 622, §19 (AMD).