Maine Revised Statutes Title 36 Sec. 4062 – Definitions
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As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1981, c. 451, §7 (NEW).]
1. Code.
[PL 1987, c. 504, §4 (RP).]
Terms Used In Maine Revised Statutes Title 36 Sec. 4062
- Bequest: Property gifted by will.
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Federal gross estate: means the gross estate of a decedent as determined by the assessor in accordance with the Code, except that, notwithstanding the Code, Section 2035, the value of the gross estate includes the value of all taxable gifts as defined under the Code, Section 2503(a) made by the decedent during the 1-year period ending on the date of the decedent's death, but does not include the value of taxable gifts made prior to January 1, 2008. See Maine Revised Statutes Title 36 Sec. 4062
- Federal taxable estate: means the taxable estate as determined using the applicable Code as of the date of the decedent's death except as provided in subsection 1?A, subsection 2 and:
A. See Maine Revised Statutes Title 36 Sec. 4062Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Maine elective property: means all property in which the decedent at the time of death had a qualified income interest for life and with respect to which, for purposes of determining the tax imposed by this chapter on the estate of a predeceased spouse of the decedent, the federal taxable estate of that predeceased spouse was decreased pursuant to subsection 1?B, paragraph B. See Maine Revised Statutes Title 36 Sec. 4062 Maine qualified terminable interest property: means property:
A. See Maine Revised Statutes Title 36 Sec. 4062Nonresident: means a natural person domiciled in a jurisdiction other than this State at the time of that person's death. See Maine Revised Statutes Title 36 Sec. 4062 Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111 Personal representative: means the personal representative of the decedent or, if there is no personal representative appointed, qualified and acting within this State, any person who is in the actual or constructive possession of any property included in the gross estate of the decedent. See Maine Revised Statutes Title 36 Sec. 4062 Resident: means a natural person domiciled in this State at the time of that person's death. See Maine Revised Statutes Title 36 Sec. 4062 Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111 Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111 Transfer: includes the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain sale, gift or appointment in the manner described in this chapter. See Maine Revised Statutes Title 36 Sec. 4062 value: means , with respect to an estate or to property included in an estate, including Maine qualified terminable interest property, the value as determined by the assessor in accordance with the Code. See Maine Revised Statutes Title 36 Sec. 4062 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
1-A. Federal credit. “Federal credit” has the following meanings:
A. For the estates of decedents dying after December 31, 2002, “federal credit” means the maximum credit against the tax on the federal taxable estate 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 state death tax deduction contained in the Code, Section 2058 must be disregarded. The unified credit must be determined under the Code, Section 2010 as of December 31, 2000. The termination provision contained in the Code, Section 2210 must be disregarded. Notwithstanding any other provision of this Title to the contrary, the tax determined by this chapter for estates of decedents dying after December 31, 2009 must be determined in accordance with the law applicable to decedents dying during calendar year 2009, except that for purposes of calculation of the amount of property that may be treated as Maine qualified terminable interest property under subsection 2?B, paragraph C, the applicable exclusion amount must be determined in accordance with the law applicable as of the decedent‘s actual date of death; and [PL 2011, c. 380, Pt. M, §4 (AMD); PL 2011, c. 380, Pt. M, §10 (AFF).]
B. For the estates of all other decedents, “federal credit” means the maximum credit for state death taxes determined under the Code, Section 2011. [PL 2005, c. 12, Pt. N, §1 (RPR); PL 2005, c. 12, Pt. N, §4 (AFF).]
[PL 2011, c. 380, Pt. M, §4 (AMD); PL 2011, c. 380, Pt. M, §10 (AFF).]
1-B. Federal taxable estate. “Federal taxable estate” means the taxable estate as determined using the applicable Code as of the date of the decedent’s death except as provided in subsection 1?A, subsection 2 and:
A. The state death tax deduction contained in the Code, Section 2058 must be disregarded; [PL 2009, c. 213, Pt. E, §2 (NEW); PL 2009, c. 213, Pt. E, §6 (AFF).]
B. For 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 [PL 2009, c. 213, Pt. E, §2 (NEW); PL 2009, c. 213, Pt. E, §6 (AFF).]
C. For estates of decedents dying after December 31, 2004, the federal taxable estate must be increased by an amount equal to the value of Maine elective property in respect of the decedent. [PL 2009, c. 213, Pt. E, §2 (NEW); PL 2009, c. 213, Pt. E, §6 (AFF).]
[PL 2009, c. 213, Pt. E, §2 (NEW); PL 2009, c. 213, Pt. E, §6 (AFF).]
2. Federal gross estate. “Federal gross estate” means the gross estate of a decedent as determined by the assessor in accordance with the Code, except that, notwithstanding the Code, Section 2035, the value of the gross estate includes the value of all taxable gifts as defined under the Code, Section 2503(a) made by the decedent during the 1-year period ending on the date of the decedent’s death, but does not include the value of taxable gifts made prior to January 1, 2008.
[PL 2009, c. 213, Pt. E, §3 (AMD); PL 2009, c. 213, Pt. E, §6 (AFF).]
2-A. Maine elective property. “Maine elective property” means all property in which the decedent at the time of death had a qualified income interest for life and with respect to which, for purposes of determining the tax imposed by this chapter on the estate of a predeceased spouse of the decedent, the federal taxable estate of that predeceased spouse was decreased pursuant to subsection 1?B, paragraph B. The value of Maine elective property is the value determined by the assessor in accordance with the Code as if such property were includible in the decedent’s federal gross estate pursuant to the Code, Section 2044 and, in the case of estates that do not incur a federal estate tax, as if the estate had incurred a federal estate tax.
[PL 2009, c. 213, Pt. E, §4 (AMD); PL 2009, c. 213, Pt. E, §6 (AFF).]
2-B. Maine qualified terminable interest property. “Maine qualified terminable interest property” means property:
A. That is eligible to be treated as qualified terminable interest property under the Code, Section 2056(b)(7); [PL 2005, c. 12, Pt. N, §2 (NEW); PL 2005, c. 12, Pt. N, §4 (AFF).]
B. For which no election allowable under the Code, Section 2056(b)(7) is made with respect to the federal estate tax; and [PL 2005, c. 12, Pt. N, §2 (NEW); PL 2005, c. 12, Pt. N, §4 (AFF).]
C. With respect to which an election is made, on a return filed timely with the State Tax Assessor, to treat the property as Maine qualified terminable interest property for purposes of the tax imposed by this chapter. The amount of property with respect to which such election is made may not be greater than the amount, if any, by which the applicable exclusion amount determined as of the date of the decedent’s death using the Code, Section 2010(c) in effect on that date exceeds the applicable exclusion amount determined as of the date of the decedent’s death using the Code, Section 2010(c) in effect on December 31, 2000. [PL 2005, c. 622, §16 (AMD).]
[PL 2005, c. 622, §16 (AMD).]
3. Nonresident. “Nonresident” means a natural person domiciled in a jurisdiction other than this State at the time of that person’s death.
[PL 2011, c. 380, Pt. M, §5 (AMD); PL 2011, c. 380, Pt. M, §10 (AFF).]
4. Person.
[PL 2005, c. 218, §40 (RP).]
5. Personal representative. “Personal representative” means the personal representative of the decedent or, if there is no personal representative appointed, qualified and acting within this State, any person who is in the actual or constructive possession of any property included in the gross estate of the decedent.
[PL 1981, c. 451, §7 (NEW).]
6. Resident. “Resident” means a natural person domiciled in this State at the time of that person’s death.
[PL 2011, c. 380, Pt. M, §6 (AMD); PL 2011, c. 380, Pt. M, §10 (AFF).]
7. Transfer. “Transfer” includes the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain sale, gift or appointment in the manner described in this chapter.
[PL 2005, c. 218, §41 (AMD).]
8. Value.
[PL 2007, c. 693, §25 (RP).]
8-A. Value. When determining value for purposes of this chapter, “value” means, with respect to an estate or to property included in an estate, including Maine qualified terminable interest property, the value as determined by the assessor in accordance with the Code.
[PL 2007, c. 693, §26 (NEW).]
SECTION HISTORY
PL 1981, c. 451, §7 (NEW). PL 1985, c. 535, §7 (AMD). PL 1987, c. 504, §4 (AMD). PL 2001, c. 559, §GG3 (AMD). PL 2001, c. 559, §GG26 (AFF). PL 2003, c. 20, §JJ1 (AMD). PL 2003, c. 673, §§D1,2 (AMD). PL 2005, c. 12, §§N1,2 (AMD). PL 2005, c. 12, §N4 (AFF). PL 2005, c. 218, §§40,41 (AMD). PL 2005, c. 622, §§15-17 (AMD). PL 2005, c. 622, §33 (AFF). PL 2007, c. 693, §§24-26 (AMD). PL 2009, c. 213, Pt. E, §§1-4 (AMD). PL 2009, c. 213, Pt. E, §6 (AFF). PL 2011, c. 380, Pt. M, §§4-6 (AMD). PL 2011, c. 380, Pt. M, §10 (AFF).