AUGUSTA, MAINE — MECEP executive director Garrett Martin released the following statement regarding the Maine Legislature’s failure to pass LD 1524, “An Act To Amend the Maine Exclusion Amount in the Estate Tax.” LD 1524 would have brought Maines’s estate tax exemption back to its 2015 amount of $2 million and generated about $16 million per year in additional revenue.
“The Maine Legislature missed a critical opportunity today to make people’s lives better. The millions in revenue generated by restoring our estate tax could have funded investments in education, health care access, housing, and infrastructure, helping to rebuild our economy and put prosperity within reach for all Maine families. Instead, lawmakers chose a wasteful tax break for multi-millionaires. Unfortunately, it’s our communities that will pay the price.”