Maine Revised Statutes Title 36 Sec. 4103 – Tax on estate of resident
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1. Imposition of tax. A tax is imposed on the transfer of the Maine taxable estate of every person who, at the time of death, was a resident of this State. The amount of tax is determined as provided in this section.
A. If the Maine taxable estate is less than or equal to the Maine exclusion amount, the tax is $0. [PL 2015, c. 267, Pt. I, §2 (AMD).]
B. If the Maine taxable estate is more than the Maine exclusion amount but no more than the Maine exclusion amount plus $3,000,000, the tax is 8% of the excess over the Maine exclusion amount. [PL 2015, c. 267, Pt. I, §2 (AMD).]
C. If the Maine taxable estate is more than the Maine exclusion amount plus $3,000,000 but no more than the Maine exclusion amount plus $6,000,000, the tax is $240,000 plus 10% of the excess over the Maine exclusion amount plus $3,000,000. [PL 2015, c. 267, Pt. I, §2 (AMD).]
D. If the Maine taxable estate is more than the Maine exclusion amount plus $6,000,000, the tax is $540,000 plus 12% of the excess over the Maine exclusion amount plus $6,000,000. [PL 2015, c. 267, Pt. I, §2 (AMD).]
The amount of this tax is multiplied by a fraction, the numerator of which is the value of that portion of the decedent‘s adjusted federal gross estate that consists of real and tangible personal property located in this State plus the value of all intangible personal property and the denominator of which is the value of the decedent’s adjusted federal gross estate.
[PL 2015, c. 267, Pt. I, §2 (AMD).]
Terms Used In Maine Revised Statutes Title 36 Sec. 4103
- Adjusted federal gross estate: means a decedent's federal gross estate as modified by Maine elective property and the value of all taxable gifts as defined under the Code, Section 2503 made by the decedent during the one-year period ending on the date of the decedent's death. See Maine Revised Statutes Title 36 Sec. 4102
- Decedent: A deceased person.
- Federal gross estate: means the gross estate of a decedent as determined by the assessor in accordance with the Code. See Maine Revised Statutes Title 36 Sec. 4102
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Legacy: A gift of property made by will.
- Maine exclusion amount: means $2,000,000. See Maine Revised Statutes Title 36 Sec. 4102
- Maine taxable estate: means the federal taxable estate:
A. See Maine Revised Statutes Title 36 Sec. 4102Person: 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 Personal property: All property that is not real property. Resident: means a natural person domiciled in this State at the time of death. See Maine Revised Statutes Title 36 Sec. 4102 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. 4102 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Value: means , when determining value for purposes of this chapter, 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. 4102
2. Other jurisdiction death tax credit. A credit against the tax imposed by this section is allowed for all constitutionally valid estate, inheritance, legacy and succession taxes actually paid to another jurisdiction upon the value of real or tangible personal property owned by the decedent or subject to those taxes as a part of or in connection with the estate and located in that jurisdiction if the value of that property is also included in the value of the decedent’s intangible personal property subject to taxation under this section. The credit provided by this subsection may not exceed the amount of tax otherwise due multiplied by a fraction, the numerator of which is the value of the property located in the other taxing jurisdiction subject to this credit on which tax was actually paid and the denominator of which is the value of the decedent’s adjusted federal gross estate. For the purposes of this section, “another jurisdiction” means another state, the District of Columbia, a possession or territory of the United States or any political subdivision of a foreign country that is analogous to a state.
[PL 2011, c. 380, Pt. M, §9 (NEW).]
SECTION HISTORY
PL 2011, c. 380, Pt. M, §9 (NEW). PL 2015, c. 267, Pt. I, §2 (AMD).