Bill > S1682

This bill aims to establish a uniform estate tax in Massachusetts. Key provisions of the bill include: 1. Increasing the estate tax exemption to $2 million for decedents dying after December 31, 2019, with the exemption amount indexed to the Consumer Price Index, but not exceeding the smallest federal taxable estate that absorbs the allowable federal credit. 2. Allowing the "deceased spousal unused exclusion amount" to be applied to the surviving spouse's Massachusetts estate tax, subject to the rules under the Internal Revenue Code. 3. Clarifying that the qualified terminable interest property (QTIP) election for Massachusetts estate tax purposes can be made even if it was not made for federal estate tax purposes, as long as the election is made on the first return filed by the executor after the due date. The bill is intended to provide a more uniform and streamlined approach to estate taxation in Massachusetts, aligning state law with certain federal provisions and updating exemption amounts.

Budget and Finance

https://malegislature.gov/Bills/191/S1682