Bill > H2877

This bill aims to encourage Massachusetts residency by amending Chapter 65C of the General Laws, which deals with the Massachusetts estate tax. The key provisions are: 1. The Massachusetts estate tax is set at 20% of the Massachusetts taxable estate for every deceased resident of Massachusetts, with the tax not exceeding 20% of the amount by which the Massachusetts taxable estate exceeds the exemption. 2. The exemption for the Massachusetts taxable estate is set at $2 million and will increase annually based on the Consumer Price Index for all Urban Consumers. 3. An additional exemption is provided to exclude the value of the deceased resident's primary residence from the Massachusetts taxable estate. These changes are intended to make the Massachusetts estate tax more favorable for residents and encourage them to maintain their residency in the state.

Budget and Finance

https://malegislature.gov/Bills/193/H2877