Bill > H2458

This bill proposes to amend the existing estate tax law in Massachusetts. The key provisions are: 1. It increases the estate tax exemption from the current amount to $2 million or less for decedents dying after December 31, 2020. This means that estates valued at $2 million or less will be exempt from the estate tax. 2. It requires the Department of Revenue to develop an updated rate table for the calculation of the estate tax, taking into account the increased exemption amount. The department must also make recommendations on regular increases to the exemption amount, while ensuring that the implementation is revenue neutral, meaning it does not result in a net loss of tax revenue for the state. The purpose of this bill is to mitigate the impact of "snowbird relocation" - the phenomenon of retirees moving out of Massachusetts to avoid the estate tax. By increasing the exemption amount, the bill aims to make the estate tax less burdensome for Massachusetts residents and potentially encourage them to remain in the state during retirement.

Budget and Finance

https://malegislature.gov/Bills/191/H2458