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Maine real and tangible personal property taxed in this State that | | qualifies for the credit bears to the value of the decedent's | | federal gross estate. All property values under this section are as | | finally determined for federal estate tax purposes, except that for | | estates of decedents dying after December 31, 2002 that do not | | incur a federal estate tax, all property values are as finally | | determined by the assessor in accordance with the Code as if the | | estate had incurred a federal estate tax. The share of the federal | | credit used to determine the amount of a nonresident individual's | | estate tax under this section is computed without regard to whether | | the specific real or tangible personal property located in the | | State is marital deduction property. |
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| | | Sec. M-2. Application. That section of this Part that amends the | | Maine Revised Statutes, Title 36, section 4064 applies to estates | | of decedents dying on or after January 1, 2005. |
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| | | Sec. N-1. 36 MRSA §4062, sub-§1-A, as amended by PL 2003, c. 673, Pt. | | D, §1, is repealed and the following enacted in its place: |
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| | | 1-A.__Federal credit.__"Federal credit" has the following | | meanings: |
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| | | A. For the estates of decedents dying after December 31, | | 2002, "federal credit" means the maximum credit for state | | death taxes determined under the Code, Section 2011 as of | | December 31, 2002 exclusive of the reduction of the maximum | | credit contained in the Code, Section 2011(b)(2); the period | | of limitations under the Code, Section 2011(c); and the | | termination provision contained in the Code, Section | | 2011(f). The federal taxable estate is to be determined | | using the applicable Code as of the date of the decedent's | | death, except that: |
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| | | (1) The state death tax deduction contained in the | | Code, Section 2058 is to be disregarded; |
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| | | (2) The unified credit is to be determined under the | | Code, Section 2010 as of December 31, 2000; |
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| | | (3) For the estates of decedents dying after December | | 31, 2004, the federal taxable estate must be decreased | | by an amount equal to the value of Maine qualified | | terminable interest property in the estate of the | | decedent; and |
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