ME LD1617

Reduces the Maine estate tax exclusion amount from $5,600,000 to $1,000,000 for estates of decedents dying on or after January 1, 2026

Creates an additional exclusion of up to $3,800,000 for farmland and depreciable machinery/equipment used in commercial agriculture, aquaculture, fishing, or wood harvesting when transferred to a family member

Requires the transferred farmland or equipment to remain in family ownership and continued commercial use for at least 5 years following the transfer to qualify for the additional exclusion

Imposes a recapture tax based on fair market value at the date of death if the property fails to meet the 5-year requirements

Requires annual certification reports to the assessor for 5 years following transfer to maintain eligibility for the additional exclusion