summary
Introduced
01/22/2019
01/22/2019
In Committee
03/04/2020
03/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to continue tax basis rules for property acquired from decedents. Revenue.
AI Summary
This bill aims to continue the pre-2010 Massachusetts rules governing the basis of property acquired from decedents, despite the change in such rules applicable to the United States income tax for 2010 and thereafter. Specifically, it provides that for a decedent dying after December 31, 2009 and before January 1, 2011, the initial basis of property acquired from the decedent shall be determined under the Internal Revenue Code (Code) section 1014, without reference to certain sections that were changed in 2010. However, if the executor makes a specific election under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the initial basis will be determined under the Code as amended and in effect on January 1, 2005.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on House Ways and Means (on 03/04/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H2590 |
| Bill | https://malegislature.gov/Bills/191/H2590.pdf |
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