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Most & Least Taxing States: 2014

By Rebecca Helmes of Bloomberg BNA - 2014-04-14T23:05:22Z

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Maryland and New Jersey are the only states with both an estate tax and an inheritance tax. This year Maryland is expected to enact significant changes to its estate tax that will increase the exemption amount. The current $1 million exemption would be gradually increased over five years to match the federal government’s exemption amount, which is now $5.34 million, and is indexed for inflation. 

The General Assembly had a recent brush with Hollywood when "House of Cards" star Kevin Spacey visited Annapolis to persuade lawmakers to increase the Netflix show’s subsidy for its third season. The show is set in the District of Columbia, but much of it is filmed in Maryland. 

Note: Spouse, lineal-descendant, spouse of lineal-descendant, and sibling transfer is tax-free; all other transfers are taxed at 10 percent.

*Exemption is $1 million.