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Maine imposes a tax on the income of estates or trusts. The tax rates are graduated and are equal to the individual income tax rates. For tax years beginning after December 31, 2012 but before January 1, 2016, the rates are 0%, 6.5%, and 7.95%. For tax years beginning after 2015, the rates are 5.8%, 6.75% and 7.15%.
For decedents dying on or after January 1, 2013, Maine imposes a tax on estates based on the value of the Maine taxable estate, even if there is no federal estate tax.
Note: Federally taxable gains on the sale of Maine real property are taxable by Maine, even if the total consideration is less than $100,000.
Also known as the death tax, the estate tax ranges from rates of 18% to 40% and generally only applies to assets over $12.92 million in 2023 and $13.61 million in 2024.
The estate tax rates in Maine range from 8% to 12%. The tax applies on estates worth more than $6.01 million in 2022 and $6.41 million in 2023. This guide has the information you need to know if youre starting to think about estate planning in Maine.
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