Bill > H2446

This bill aims to amend the Massachusetts estate tax code. The key provisions include: 1. Defining and updating terms such as "Code" (referring to the Internal Revenue Code), "Federal Gross Estate," "Massachusetts Gross Estate," "Massachusetts Taxable Estate," "Applicable Exclusion Amount," and "Basic Exclusion Amount." 2. Imposing a tax on the transfer of estates of Massachusetts residents who die on or after January 1, 2020, with a separate tax on the transfer of real property and tangible personal property located in Massachusetts for non-residents. 3. Allowing the exclusion of a resident's principal residence from the Massachusetts gross estate, up to the basic exclusion amount, with an option for the executor to include the residence's value. 4. Allowing the use of the deceased spousal unused exclusion amount for Massachusetts estate tax purposes. 5. Clarifying the election for qualified terminable interest property (QTIP) for Massachusetts estate tax purposes, allowing the election to be made even if no timely Massachusetts estate tax return was filed. 6. Removing the deduction for state death taxes paid and the state death tax credit from the Massachusetts estate tax calculation.

Budget and Finance

https://malegislature.gov/Bills/191/H2446