Maryland SB704 allows a qualified recipient to transfer qualified agricultural property to a limited liability company without estate tax recapture.
Maryland SB704 modifies the Maryland estate tax by allowing a qualified recipient to transfer qualified agricultural property to a limited liability company. This transfer is exempt from estate tax recapture if the limited liability company's ownership consists solely of qualified recipients. The bill also specifies that the estate tax is determined by the value of qualified agricultural property exceeding $5,000,000. The changes apply to decedents dying after June 30, 2026.
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