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Ch. 497 2000 LAWS OF MARYLAND
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(3) the first $100,000 of property other than:
(i) real property, including leasehold property; or
(ii) an interest in property that passes by right of survivorship.]
7-204.
(a) In this section, "clear value" means fair market value minus expenses.
(b) Except as provided in [subsections (e) and (e)] SUBSECTION (D) of this
section, the THE inheritance tax rate is 10% of the clear value of the property that
passes from a decedent.
[(c) The inheritance tax rate is 0.9% of the clear value of:
(1) the property that passes from a decedent to or for the use of:
(i) a grandparent of the decedent;
(ii) a parent of the decedent;
(iii) a spouse of the decedent;
(iv) a child or other lineal descendant of the decedent;
(v) a stepparent or stepchild of the decedent; or
(vi) a corporation if all of its stockholders consist of the surviving
spouse, parents, stepparents, stepchildren, and lineal descendants of the decedent,
and spouses of the lineal descendants; and
(2) the first $2,000 that passes from the decedent, by survivorship, to a
spouse of a lineal descendant of the decedent from savings accounts that the decedent
and spouse of the lineal descendant held jointly.]
[(d)] (C) If a decedent died on or before May 31, 1975, the rate of the
inheritance tax is the rate in effect on the date of the decedent's death.
[(e)] (I) The inheritance tax rate for property that passes from a decedent to
or for the use of a brother or sister of the decedent is:
(1) §8% of the clear value of the property for decedents dying on or after
July 1, 1999 but before July 1, 2000;
(2) 6% of the clear value of the property for decedents dying on or after
July 1, 2000 but before July 1, 2001; and
(3) 5% of the clear value of the property for decedents dying on or after
July 1, 2001.
SECTION 2. AND BE IT FURTHER ENACTED, That Section(s) 7-203(k) and
(1), respectively, of Article - Tax - General of the Annotated Code of Maryland be
renumbered to be Section(s) 7-203(j) and (k), respectively.
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