Amend the amendment in section 9 in §4102 in subsection 5 in the first line (page 4, line 14 in amendment) by striking out the following: " $5,000,000" and inserting the following: ' $2,000,000'
Amend the amendment in section 9 in §4103 in subsection 1 by striking out all of paragraphs A to C (page 5, lines 15 to 19 in amendment) and inserting the following:
‘ A. If the Maine taxable estate is $2,000,000 or less, the tax is $0.
B. If the Maine taxable estate is more than $2,000,000 but no more than $5,000,000, the tax is 8% of the excess over $2,000,000.
C. If the Maine taxable estate is more than $5,000,000 but no more than $8,000,000, the tax is $240,000 plus 10% of the excess over $5,000,000.
D. If the Maine taxable estate is more than $8,000,000, the tax is $540,000 plus 12% of the excess over $8,000,000.’
SUMMARY
This amendment decreases the Maine exclusion amount proposed in Committee Amendment "A" from $5,000,000 to $2,000,000 and changes the tiers of the graduated rate structure by imposing a tax rate of 8% on estates of more than $2,000,000 but no more than $5,000,000; 10% on estates of more than $5,000,000 but no more than $8,000,000; and 12% on estates valued at more than $8,000,000.