LD1617

This bill lowers the Maine estate tax exclusion amount to $1,000,000 and creates an additional exclusion for family farms and aquaculture, fishing.

This bill reduces the exclusion amount, below which the Maine estate tax does not apply, from $5,600,000 to $1,000,000 for estates of decedents dying on or after January 1, 2026. It also establishes an additional exclusion of up to $3,800,000 for 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 years following transfer. The land and equipment must meet specific criteria to qualify for this additional exclusion.