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Maine State Chamber opposes resurrected estate tax bill

3/6/2020

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LD 420 creates two different exclusion amounts that apply to Maine businesses
 
As predicted, LD 420, An Act to Amend the Maine Exclusion Amount in the Estate Tax, sponsored by Rep. Benjamin Collings (D-Portland), has resurfaced in the Taxation committee, after failing to garner enough votes to pass in the House (70-75) and in the Senate (12-19) last session. On Thursday, March 5, the Taxation committee voted 5-5 on the ought-not-to-pass motion. Because it was a tie, all present committee members agreed to let the absent committee members vote. Those votes will be registered later, but as of press time, Sen. Matthew Pouliot (R-Kennebec),  Rep. Bruce Bickford (R-Auburn), Rep. Stephen Stanley (D-Medway), Rep. Donald Marean (I-Hollis), and Rep. Amy Arata (R-New Gloucester) all voted ought-not-to-pass, and Rep. Ryan Tipping (D-Orono), Rep. Ann Matlack (D-St. George), Rep. Diane Denk (D-Kennebunk), Rep. Kristen Cloutier (D-Lewiston), and Rep. Maureen Terry (D-Gorham) all voted “ought-to-pass as amended.” The amended version would return the exclusion amount from $5.7 million to $2 million and would provide an additional exclusion amount of $3.8 million specifically for fishing, farming, aquaculture, and wood harvesting businesses. 
The Maine State Chamber opposed LD 420 because it would have lowered the exclusion amount for estate tax purposes. The Maine State Chamber has been on record for increasing the estate tax exclusion amount or eliminating the estate tax altogether. The Maine State Chamber has argued that the estate tax hurts Maine businesses, particularly smaller businesses and farms, that work very hard to pass long assets to their children and grandchildren. Lowering the exclusion amount would take away that opportunity and instead slap them with a massive death tax. If beneficiaries couldn’t pay the taxes due up front, they may be forced to deplete any capital they have in the business or perhaps even need to sell it to pay the tax. Ultimately, it punishes and penalizes success.

If you have any questions, please contact Linda Caprara by calling (207) 623-4568, ext. 106, or by emailing [email protected].
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Copyright Maine State Chamber of Commerce. All rights reserved.
 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Katie Clark (207) 233-2230
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Meet the Team
    • Our Board
    • Local Chambers of Commerce
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Member Companies
    • Member Search
  • Public Policy
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • Annual Meeting and Dinner
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Strictly Social
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
    • External Social Media Policy
  • Member Login
  • AI In Action