Section 125-603-.09 - QUALIFIED TERMINABLE INTEREST AND MAINE ELECTIVE PROPERTYA.Qualified terminable interest property. On an original timely-filed Maine estate tax return, the personal representative of a decedent with a surviving spouse may elect treatment for assets that are eligible to be treated as qualified terminable interest property ("QTIP") under Code § 2056(b)(7). A Maine QTIP election may not be made on an amended Maine estate tax return unless such amended return is filed on or before the due date of the original Maine estate tax return plus extensions. The allowable Maine QTIP deduction may not be less than zero or greater than the amount by which the federal applicable exclusion amount under the Code § 2010 exceeds the Maine exclusion amount. For the purposes of this subsection, "federal applicable exclusion amount" does not include any deceased spousal unused exclusion amount under the Code § 2010. The Maine QTIP may not include property designated as federal QTIP property, nor may it include property included in adjusted taxable gifts. Maine QTIP property is tax-deferred for Maine estate tax purposes until the death of the surviving spouse.B.Maine elective property. If a decedent was predeceased by a spouse whose estate elected a deduction for a Maine QTIP, the value of the remaining property in the Maine QTIP must be included in the value of the estate of the surviving spouse as Maine elective property. The value of the Maine elective property is measured at the death of the surviving spouse and is added to the federal taxable estate of the surviving spouse to calculate the Maine taxable estate. If the value of the estate of the surviving spouse is based on the alternate valuation date, then the same alternate valuation date is to be used for valuation of the Maine elective property. The value of Maine elective property is determined by the Assessor in accordance with the Code.18-125 C.M.R. ch. 603, § .09