Bill > H3915

This bill establishes an estate tax valuation for farms in Massachusetts. It allows the estate of a decedent who died on or after January 1, 2019 and whose gross estate includes qualifying agricultural land, associated land, or non-committed land to elect to have that property valued based on the farmland valuation set by the farmland valuation advisory commission, rather than at fair market value. This election is subject to certain restrictions and assessments if the property is later sold or converted to non-agricultural use within 10 years. The bill also provides that land protected by an agricultural preservation restriction is deemed to meet the requirements for the special valuation. The commissioner of revenue is directed to promulgate regulations to carry out these provisions.

Budget and Finance

https://malegislature.gov/Bills/190/H3915