Bill > H2720

This bill amends the Massachusetts estate tax code by making several key changes: 1. It updates the definition of "Code" to refer to the current Internal Revenue Code, and defines other important terms like "Federal Gross Estate", "Massachusetts Gross Estate", "Massachusetts Taxable Estate", "Applicable Exclusion Amount", and "Basic Exclusion Amount". 2. It imposes a Massachusetts estate tax on the transfer of estates for residents dying on or after January 1, 2022, with the tax computed based on a table provided in the bill. For non-residents, the tax is imposed on real property and tangible personal property located in Massachusetts. 3. It allows the principal residence of a deceased Massachusetts resident to be excluded from the Massachusetts gross estate, up to the basic exclusion amount, if certain requirements are met. 4. It allows a surviving spouse to apply the deceased spousal unused exclusion amount to the Massachusetts gross estate. 5. It makes various other technical changes to the estate tax provisions in Massachusetts law.

Budget and Finance

https://malegislature.gov/Bills/193/H2720