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Taxation committee votes out estate tax bill

3/18/2022

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The Joint Standing Committee on Taxation voted along party lines – with Democrats supporting and Republicans opposing – the “ought to pass as amended” report on LD 1704, An Act to Change the Exclusion Amount Under the Estate Tax and Provide Additional Funding for the Housing Opportunities for Maine Fund. Sponsored by Rep. Rachel Talbot Ross (D-Portland), LD 1704 is a carryover bill. The Maine State Chamber testified in opposition to the bill last session. Among other things, the bill as originally drafted would have lowered the exclusion amount under the estate tax from $5.7 million to $1 million, making more of Mainers’ estates taxable.
The amendment replaces the bill entirely. Beginning January 1, 2023, the bill As amended would distribute on a monthly basis 50% of all revenues generated by the estate tax to the Housing Opportunities for Maine Fund to provide for the development of affordable housing. The legislation would sunset in 2030 and would contain a definition of affordable housing.
 
If you have any questions, please contact Linda Caprara, senior government relations specialist, by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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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 Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • 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
  • Member Login