Please ensure Javascript is enabled for purposes of website accessibility

O’Malley to support reducing estate tax for farms

ANNAPOLIS — Democratic Gov. Martin O’Malley will testify in support of legislation that would reduce Maryland’s estate tax for family farms.

Shaun Adamec, O’Malley’s spokesman, said Friday the governor feels strongly that the measure will help preserve family farming in Maryland. O’Malley is scheduled to testify for the bill at a hearing on Thursday.

The bill is sponsored Republican Delegate Kathy Afzali, of Frederick, and 42 other delegates, including 17 Democrats and 25 Republicans. It would exclude $5 million of the value of qualified agricultural property from the estate tax. Maryland’s estate tax also would not exceed 5 percent on amounts that exceed $5 million.

Now, families pay 16 percent estate tax on property valued at more than $1 million.

___

Online:

Read House Bill 721: http://mlis.state.md.us/2011rs/billfile/HB0721.htm

Read Senate Bill 764: http://mlis.state.md.us/2011rs/billfile/SB0764.htm

One comment

  1. Scared that another round of millionaires will relocate to Virginia.