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(3)__In the case of any property that benefits the | | decedent and with respect to which an election was made | | pursuant to subparagraph (2) in the estate of a deceased | | spouse of the decedent, the federal taxable estate must | | be increased by an amount equal to the value of the | | property as finally determined by the assessor in | | accordance with the Code as if the property were | | includable in the decedent's federal gross estate and, in | | the case of estates that do not incur a federal estate | | tax, as if the estate had incurred a federal estate tax; | | and |
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| | | (4)__The unified credit is to be determined under the | | Code, Section 2010 as of December 31, 2000; and |
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| | | Sec. 2. 36 MRSA §4068, sub-§2, as amended by PL 2003, c. 673, Pt. D, | | §6 and affected by §9, is further amended to read: |
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| | | 2. Tax liability. In all cases where there is a Maine estate | | tax liability, the personal representative shall pay the tax | | imposed by this chapter and file a return within 9 months after | | the decedent's death. The return must be in the form prescribed | | by the State Tax Assessor and it must be accompanied by a copy of | | the federal estate tax return, if any, and other supporting | | documentation that the assessor may require, including | | documentation related to an election made pursuant to section | | 4062, subsection 1, paragraph A, subparagraph (2). |
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| | | Sec. 3. 36 MRSA §4068, sub-§3, as amended by PL 2003, c. 673, Pt. D, | | §6 and affected by §9, is repealed and the following enacted in | | its place: |
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| | | 3.__No tax liability.__In all cases where there is no Maine | | estate tax liability: |
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| | | A.__If the personal representative makes no election | | pursuant to section 4062, subsection 1, paragraph A, | | subparagraph (2), the personal representative, surviving | | joint tenant of real estate or any other person whose real | | estate might be subject to a lien for taxes pursuant to this | | chapter may at any time file with the assessor in the form | | prescribed by the assessor a statement of the value of the | | federal gross estate; and |
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| | | B.__If the personal representative makes an election pursuant to | | section 4062, subsection 1, paragraph A, subparagraph (2), the | | personal representative shall make that election on a timely | | filed return.__The return must be in the form prescribed by the | | assessor and it must be |
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