The new biennial budget passed in June raises the tax exemption on estates from
The new biennial budget passed in June raises the tax exemption on estates from $1 million to $2 million. Some, such as Republican state representative and farmer Jeff Timberlake, say that this increase will help farmers and business owners pass on businesses to the next generation without having to sell off or break up property. But supporters of the estate tax say that Maine will lose $24 million in taxes in the first year and almost $27.5 million in the second budget year and that the 400 estates that would have been impacted by the former exemption will be cut by 50% to 60% under the new higher exemption.
Goldfine, Rebecca, "The new biennial budget passed in June raises the tax exemption on estates from" (2011). Maine News Index – MaineBiz. 5473.
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