Bill > S1669

This bill makes several key changes to the Massachusetts estate tax laws: 1. It updates references to the Internal Revenue Code to the current version, and defines key terms like "Federal Gross Estate," "Massachusetts Gross Estate," and "Massachusetts Taxable Estate." 2. It imposes a tax on the transfer of the estate of each person dying on or after January 1, 2017 who was a resident of Massachusetts, as well as on the transfer of real property and tangible personal property located in Massachusetts for non-residents. The tax rates range from 10% to 13% depending on the size of the Massachusetts taxable estate. 3. It allows the executor to elect to exclude the value of the decedent's principal residence from the Massachusetts gross estate, subject to certain requirements. 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, including allowing certain elections to be made on late-filed returns, and removing the requirement to make the same qualified terminable interest property election for federal and Massachusetts estate tax purposes.

Budget and Finance

https://malegislature.gov/Bills/190/S1669