Bill > H2917

This bill aims to continue the pre-2010 Massachusetts rules governing the basis of property acquired from decedents, irrespective of the change in such rules applicable to the United States income tax for 2010 and thereafter. Specifically, it provides that for property acquired from a decedent who died after December 31, 2009 and before January 1, 2011, the initial basis of such property shall be determined under Section 1014 of the Internal Revenue Code, without reference to Sections 1014(d) and (f) of the Code, except in the case of an election by the executor pursuant to Section 301(c) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, in which case the initial basis shall be determined under Section 1022 of the Code as amended and in effect on January 1, 2005.

Budget and Finance

https://malegislature.gov/Bills/193/H2917