Senate Bill 513 (Chapter 241, Acts of 2011)
This Act amends §7-307 of the Tax-General Article by adding a new subsection which authorizes the Comptroller to grant an extension of the deferred payment period for payment of estate tax imposed on qualified agricultural property.
For decedents dying in 2011, Tax-General Article §7-307 currently directs the Comptroller to allow a payment deferral for up to 3 years from the due date, for Maryland estate tax imposed on qualified agricultural property that passes from the decedent to or for the use of a qualified recipient. If a payment deferral is allowed, the qualified recipient shall pay the deferred Maryland estate tax, without interest, in accordance with a payment schedule prescribed by the Comptroller over a 3 year period beginning in the 4th year after the due date.
This Act authorizes the Comptroller to grant an extension of the deferred payment period if the qualified recipient has a pending application to put the land on which the deferred estate tax is due under a permanent land conservation easement with the Maryland Agricultural Land Preservation Foundation, the Rural Legacy Board, or a similar easement purchase program.
Effective Date: This Act will take effect October 1, 2011, and shall be applicable to decedents dying after December 31, 2010.