Bill > S1946

This bill aims to modernize the estate tax in Massachusetts. It proposes that for estates of decedents dying on or after July 1, 2023, the credit for calculating the state estate tax shall be determined based on the value of the federal taxable estate after it is reduced by $2 million. Additionally, estates with a federal taxable estate of $2 million or less will not be required to pay any state estate tax for decedents dying on or after July 1, 2022. The federal taxable estate is defined as the federal gross estate less any Qualified Conservation Exclusion and other deductions allowable under the Internal Revenue Code as of December 31, 2000. The bill's provisions will take effect for the estates of decedents dying on or after July 1, 2023.

Budget and Finance

https://malegislature.gov/Bills/193/S1946