ANNAPOLIS, Md. (AP) -- Maryland lawmakers in both chambers of the Legislature are coming together early in the session to jointly announce a package of economic development initiatives, including a reduction in Maryland's high estate tax.
House Speaker Michael Busch and Senate President Thomas V. Mike Miller made the announcement with other lawmakers on Friday.
One part of the proposal would move Maryland's estate tax in line with the federal government's over four years. Maryland estates worth more than $1 million are taxed by the state at a rate of up to 16 percent, while the federal government exempts the first $5.25 million of estates.
Another initiative will create a commission to review the state's economic development and business climate. A separate measure would create an investment fund to help boost the cybersecurity industry.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.