Public Laws

124th Legislature

First Regular Session


Parts: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA BB CC DD EE FF GG HH II JJ KK LL MM NN OO PP QQ RR SS TT UU VV WW XX YY ZZ AAA BBB CCC DDD EEE FFF GGG HHH III JJJ KKK LLL MMM NNN OOO PPP QQQ RRR SSS TTT UUU VVV WWW XXX YYY ZZZ AAAA BBBB CCCC DDDD EEEE FFFF GGGG HHHH IIII JJJJ KKKK LLLL MMMM NNNN OOOO PPPP QQQQ RRRR SSSS TTTT UUUU VVVV WWWW XXXX YYYY ZZZZ AAAAA

Chapter 213

H.P. 274 - L.D. 353

PART E

Sec. E-1. 36 MRSA §4062, sub-§1-A, ķA,  as repealed and replaced by PL 2005, c. 12, Pt. N, §1 and affected by §4, is amended to read:

A. For the estates of decedents dying after December 31, 2002, "federal credit" means the maximum credit against the tax on the federal taxable estate for state death taxes determined under the Code, Section 2011 as of December 31, 2002 exclusive of the reduction of the maximum credit contained in the Code, Section 2011(b)(2); the period of limitations under the Code, Section 2011(c); and the termination provision contained in the Code, Section 2011(f). The federal taxable estate is to be determined using the applicable Code as of the date of the decedent's death, except that: The state death tax deduction contained in the Code, Section 2058 must be disregarded. The unified credit must be determined under the Code, Section 2010 as of December 31, 2000. The termination provision contained in the Code, Section 2210 must be disregarded. Notwithstanding any other provision of this Title to the contrary, the tax determined by this chapter for estates of decedents dying after December 31, 2009 must be determined in accordance with the law applicable to decedents dying during calendar year 2009; and

(1) The state death tax deduction contained in the Code, Section 2058 is to be disregarded;

(2) The unified credit is to be determined under the Code, Section 2010 as of December 31, 2000;

(3) For the estates of decedents dying after December 31, 2004, the federal taxable estate must be decreased by an amount equal to the value of Maine qualified terminable interest property in the estate of the decedent; and

(4) For the estates of decedents dying after December 31, 2004, the federal taxable estate must be increased by an amount equal to the value of Maine elective property in respect of the decedent; and

Sec. E-2. 36 MRSA §4062, sub-§1-B  is enacted to read:

1-B Federal taxable estate.   "Federal taxable estate" means the taxable estate as determined using the applicable Code as of the date of the decedent's death except as provided in subsection 1-A, subsection 2 and:
A The state death tax deduction contained in the Code, Section 2058 must be disregarded;
B For estates of decedents dying after December 31, 2004, the federal taxable estate must be decreased by an amount equal to the value of Maine qualified terminable interest property in the estate of the decedent; and
C For estates of decedents dying after December 31, 2004, the federal taxable estate must be increased by an amount equal to the value of Maine elective property in respect of the decedent.

Sec. E-3. 36 MRSA §4062, sub-§2,  as amended by PL 2007, c. 693, §24, is further amended to read:

2. Federal gross estate.   "Federal gross estate" means the gross estate of a decedent as determined by the assessor in accordance with the Code , except that, notwithstanding the Code, Section 2035, the value of the gross estate includes the value of all taxable gifts as defined under the Code, Section 2503(a) made by the decedent during the 1-year period ending on the date of the decedent's death, but does not include the value of taxable gifts made prior to January 1, 2008.

Sec. E-4. 36 MRSA §4062, sub-§2-A,  as amended by PL 2005, c. 622, §15, is further amended to read:

2-A. Maine elective property.   "Maine elective property" means all property in which the decedent at the time of death had a qualified income interest for life and with respect to which, for purposes of determining the tax imposed by this chapter on the estate of a predeceased spouse of the decedent, the federal taxable estate of that predeceased spouse was decreased pursuant to subsection 1-A 1-B, paragraph A, subparagraph (3) B. The value of Maine elective property is the value determined by the assessor in accordance with the Code as if such property were includible in the decedent's federal gross estate pursuant to the Code, Section 2044 and, in the case of estates that do not incur a federal estate tax, as if the estate had incurred a federal estate tax.

Sec. E-5. 36 MRSA §4071, sub-§1-A,  as enacted by PL 2007, c. 693, §29, is amended to read:

1-A. State determination of certain estates.   For deaths occurring on or after July 1, 2008 but before January 1, 2010 July 1, 2009, the State Tax Assessor is not bound by a final federal determination under subsection 1 if the assessor determines the issue for purposes of tax under this chapter within 2 years of the date the return was filed or the date the return is due, whichever is later.

For deaths occurring on or after July 1, 2009, the State Tax Assessor is not bound by a final federal determination under subsection 1 if the assessor determines the issue for purposes of tax under this chapter within one year of the date the return was filed or the date the return is due, whichever is later.

Sec. E-6. Application. Those sections of this Part that amend the Maine Revised Statutes, Title 36, section 4062, subsections 1-A, 2 and 2-A and that enact Title 36, section 4062, subsection 1-B apply to deaths occurring on or after January 1, 2009. That section of this Part that amends Title 36, section 4071, subsection 1-A applies to estates of decedents dying on or after July 1, 2009.

Office of the Revisor of Statutes
State House, Room 108
Augusta, ME 04333