Bill > S1857

This bill amends the Massachusetts estate tax code to change the exemption and tax rates. It introduces a new section that defines key terms like "adjusted taxable estate" and "exemption," and establishes a new tax table with progressive rates ranging from 1.6% to 16% on estate values above $90,000. The bill also allows for a credit against the tax for estate taxes paid to other states and imposes a tax on the transfer of real property and tangible personal property of non-residents. The exemption is set at $1 million for calendar years 2024 and 2025, and will be adjusted for inflation in subsequent years.

Budget and Finance

https://malegislature.gov/Bills/193/S1857