ROCKVILLE, MD  (March 6, 2014) -- The Maryland Public Policy Institute (MPPI) today praised momentum in the Maryland General Assembly to reform the state’s outdated and punitive estate tax rate.  House and Senate committees held hearings yesterday on legislation to recouple Maryland’s estate tax with the federal estate tax, which would give thousands of Marylanders greater tax certainty and encourage more families to maintain their residences in Maryland.

Leading lawmakers, CPAs and citizens testified at the hearings on the severe consequences of Maryland’s high estate tax for surviving spouses, small businesses, and middle class families.

“Too many Marylanders are voting with their feet,” said Christopher B. Summers, president of MPPI.  “Maryland lost $5.5 billion in taxable income last decade as thousands of Marylanders declared residence in more tax-friendly states.  The time has come for sensible reforms that align Maryland’s estate tax with the federal estate tax.  We commend House Speaker Busch and Senate President Miller for supporting this initiative.  We especially want to thank Delegate Sue Krebs, who has fought tirelessly for estate tax reform for the last eight years.”

MPPI in 2012 published a comprehensive review of the state and federal estate tax and how a disproportionately high rate causes unintended economic and fiscal consequences. The report can be viewed by clicking here.

About the Maryland Public Policy Institute: Founded in 2001, the Maryland Public Policy Institute is a nonpartisan public policy research and education organization that focuses on state policy issues. The Institute’s mission is to formulate and promote public policies at all levels of government based on principles of free enterprise, limited government, and civil society.  Learn more at mdpolicy.org.