summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation to establish estate tax valuation for farms. Revenue.
AI Summary
This bill seeks to establish estate tax valuation for farms in Massachusetts. It amends the state's tax laws to allow real property devoted to use as a farm or closely held agricultural land to be valued and taxed differently than other real property. Specifically, it allows such property to be valued using the farmland valuation set by the state's Farmland Valuation Advisory Commission, rather than the full fair market value. This can provide tax benefits for farm owners by reducing the estate tax burden. The bill also specifies how the basis (or cost) of such property should be determined for state income tax purposes, depending on how long the property is held before being sold for other uses.
Committee Categories
Budget and Finance
Sponsors (31)
Jennifer Benson (D),
Michael Brady (D),
Gailanne Cariddi (D),
Josh Cutler (D),
Angelo D'Emilia (R),
David DeCoste (R),
Shawn Dooley (R),
Carolyn Dykema (D),
Tricia Farley-Bouvier (D),
Ann-Margaret Ferrante (D),
Colleen Garry (D),
Susan Gifford (R),
Pat Haddad (D),
Kate Hogan (D),
Steven Howitt (R),
Donald Humason (R),
Hannah Kane (R),
Jay Kaufman (D),
Paul Mark (D),
Christopher Markey (D),
Dave Muradian (R),
Brian Murray (D),
Harold Naughton (D),
Kathleen O'Connor Ives (D),
Keiko Orrall (R),
Smitty Pignatelli (D),
Richard Ross (R),
Paul Schmid (D),
John Scibak (D),
Bruce Tarr (R),
Chris Walsh (D),
Last Action
Accompanied a new draft, see H3915 (on 09/21/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H3323 |
| Bill | https://malegislature.gov/Bills/190/H3323.pdf |
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