Bill > S1911

This bill proposes changes to the Massachusetts estate tax code. The key provisions are: 1. It extends the existing estate tax exemption of $1 million to December 31, 2021. 2. It establishes a new estate tax exemption of $1 million for calendar years beginning on or after January 1, 2022, with annual increases tied to the consumer price index (CPI). 3. It imposes a Massachusetts estate tax on the transfer of estates of residents who die on or after January 1, 2022, with a graduated tax rate ranging from 1.6% to 16% depending on the size of the adjusted taxable estate. 4. It allows a tax credit for estate taxes paid to other states, up to the proportion of the Massachusetts estate tax attributable to out-of-state property. 5. It imposes a Massachusetts estate tax on the transfer of real property and tangible personal property located in Massachusetts for non-residents. The bill aims to update the Massachusetts estate tax framework, including adjusting the exemption amount to account for inflation and establishing a new graduated tax rate structure.

Budget and Finance

https://malegislature.gov/Bills/192/S1911