§ 7-203. Property exempt from tax
West's Annotated Code of MarylandTax-GeneralEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Tax - General, § 7-203
§ 7-203. Property exempt from tax
(a) The inheritance tax does not apply to the receipt of an annuity or other payment under a public or private employees' pension or benefit plan if the annuity or other payment is not taxable for federal estate tax purposes.
(c) The inheritance tax does not apply to the receipt of the first $500 of property that passes from a decedent under a will for the perpetual upkeep of graves.
(d) The inheritance tax does not apply to the receipt of the proceeds of a life insurance policy payable to any beneficiary other than the estate of the insured.
(e) The inheritance tax does not apply to the receipt of property that passes from a decedent to or for the use of an organization that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code or to which transfers are deductible under § 2055 of the Internal Revenue Code if the organization:
(f)(1) Except as provided in paragraph (2) of this subsection, the inheritance tax does not apply to the receipt of personal property that passes from a nonresident decedent if, at the time of death, the decedent is a resident of a state or foreign country whose law, on the date of the decedent's death:
(g) The inheritance tax does not apply to the receipt of property that passes from a decedent to any 1 person if the total value of the property does not exceed $1,000.
(h) The inheritance tax does not apply to the receipt of property that is distributed from an estate that qualifies under § 5-601 of the Estates and Trusts Article for administration as a small estate.
(i) The inheritance tax does not apply to the receipt of property that passes from a decedent to the State, a county, or a municipal corporation of the State.
(j) The inheritance tax does not apply to the receipt of property that is income, including gains and losses, accrued on probate assets after the date of death of the decedent.
(k)(1)(i) In this subsection the following words have the meanings indicated.
(ii) “Holocaust victim” means an individual who died or lost property as a result of discriminatory laws, policies, or actions targeted against discrete groups of individuals based on race, religion, ethnicity, sexual orientation, or national origin, whether or not the individual was actually a member of any of those groups, or because the individual assisted or allegedly assisted any of those groups, between January 1, 1929 and December 31, 1945, in the country of Nazi Germany, areas occupied by Nazi Germany, those European countries allied with Nazi Germany, areas occupied by those European countries allied with Nazi Germany, or any other neutral European country or area in Europe under the influence or threat of invasion by Nazi Germany or by any European country allied with or occupied by Nazi Germany.
(2) If the domestic partner of a decedent provides the affidavit described in § 6-101(b)(1) of the Health--General Article or any two of the proofs of domestic partnership listed under § 6-101(b)(2) of the Health--General Article, the inheritance tax does not apply to the receipt of an interest in a joint primary residence that:
Credits
Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 110, § 1; Acts 1990, c. 706; Acts 1992, c. 54; Acts 1995, c. 441, § 1, eff. Oct. 1, 1995; Acts 1997, c. 693, § 1, eff. Jan. 1, 1998; Acts 1998, c. 728, § 1, eff. Oct. 1, 1998; Acts 1999, c. 117, § 1, eff. July 1, 1999; Acts 2000, c. 497, §§ 1, 2, eff. July 1, 2000; Acts 2004, c. 145, § 1, eff. July 1, 2004; Acts 2005, c. 25, § 1, eff. April 12, 2005; Acts 2006, c. 30, § 1, eff. July 1, 2006; Acts 2009, c. 602, § 1, eff. July 1, 2009; Acts 2010, c. 674, § 1, eff. July 1, 2010; Acts 2017, c. 503, § 1, eff. July 1, 2017; Acts 2018, c. 293, § 1, eff. July 1, 2018; Acts 2023, c. 647, § 1, eff. Oct. 1, 2023.
Formerly Art. 81, §§ 149 to 151, 174.
MD Code, Tax - General, § 7-203, MD TAX GENERAL § 7-203
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |