This bill lowers the exclusion amount, below which the Maine estate tax does not apply, to $1,000,000 from the $5,600,000 in current law for estates of decedents dying on or after January 1, 2026. The bill also creates an additional exclusion amount from the estate tax for family farms and aquaculture, fishing and wood harvesting businesses of up to $3,800,000. This additional exclusion applies to farmland or depreciable machinery and equipment used in commercial agriculture, aquaculture, fishing or wood harvesting that is inherited by a family member and remains in commercial use for 5 years following transfer.

Statutes affected:
Bill Text LD 1617, HP 1071: 36.4102