Bill > H1510

This bill proposes several changes to the Massachusetts estate tax code. Key provisions include: 1. Establishing a new estate tax table with graduated rates ranging from 0% to 13% depending on the size of the Massachusetts taxable estate. 2. Allowing the executor to exclude the value of the deceased person's principal residence from the Massachusetts gross estate, subject to certain requirements. 3. Allowing a person to apply the deceased spousal unused exclusion amount to their Massachusetts gross estate. 4. Clarifying that the Massachusetts estate tax provisions shall be based on the Internal Revenue Code as in effect for the taxable year, rather than a fixed reference year. 5. Making several technical changes and clarifications to the Massachusetts estate tax law, including revising the qualified terminable interest property (QTIP) election and removing certain provisions. Overall, the bill aims to update and refine the Massachusetts estate tax code, providing more flexibility and aligning it more closely with federal estate tax rules.

Budget and Finance

https://malegislature.gov/Bills/190/H1510