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(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 |
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| | | B.__For the estates of all other decedents, "federal credit" | | means the maximum credit for state death taxes determined | | under the Code, Section 2011. |
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| | | Sec. N-2. 36 MRSA §4062, sub-§§2-A and 2-B are enacted to read: |
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| | | 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 such predeceased spouse was decreased pursuant | | to subsection 1-A, paragraph A, subparagraph (3). The value of | | Maine elective property is the value finally 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. |
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| | | 2-B.__Maine qualified terminable interest property.__"Maine | | qualified terminable interest property" means property: |
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| | | A. That is eligible to be treated as qualified terminable | | interest property under the Code, Section 2056(b)(7); |
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| | | B. For which no election allowable under the Code, Section | | 2056(b)(7) is made with respect to the federal estate tax; | | and |
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| | | C. With respect to which an election is made, on a return filed | | timely with the State Tax Assessor, to treat the property as | | Maine qualified terminable interest property for purposes of the | | tax imposed by this chapter. The amount of property with respect | | to which such election is made may not be greater than the | | amount, if any, by which the applicable exclusion amount | | determined as of the date of the decedent's death using the Code, | | Section 2010(c) in effect on that date exceeds the applicable | | exclusion amount determined as of the date of the decedent's | | death using the Code, Section 2010(c) in effect on December 31, | | 2000.__The value of Maine qualified terminable interest property | | is the value finally determined by the assessor in accordance | | with the Code and, |
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