Massachusetts H3270 amends the estate tax code to adjust deductions, exclusions, and tax rates.
Massachusetts H3270 modifies the Massachusetts estate tax code by altering deductions, exclusions, and tax rates. It introduces a new definition for "Massachusetts net estate" and adjusts the "Massachusetts taxable estate." The bill also revises the tax rates for different taxable estate brackets and modifies the basis of property for Massachusetts estate tax purposes. It includes provisions for the deceased spousal unused exclusion and the principal residence exclusion, allowing executors to make irrevocable elections regarding these exclusions.
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