Bill by Republican newcomer attracts support of O'Malley
A newly minted Republican lawmaker from Frederick County has found a heavy-hitting Democrat to lend support to her proposal to give tax breaks to family farmers: the governor.Del. Kathryn Afzali wants to exempt the heirs who would keep a farm running from estate taxes on the first $5 million of land value. Property valued above that amount would be subject to a 5 percent rate — a steep reduction from the 16 percent now on the books.
"Maryland's farmland is shrinking," Afzali told members of the House Ways and Means Committee on Thursday. Older farmers, she said, "are faced with the dilemma of how to pass agricultural property onto the next generation."
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1 comment:
Finally a step toward sanity..this is good for the eastern shore. Estate tax is theft and you should never lose your farm, home, or business just because you can't afford the estate tax...the govt taxes you when you make money....spend money...and when you die its all taxed again. What a joke and an injustice.
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