Massachusetts S1989 proposes to exempt estates valued at $5,000,000 or less from the state estate tax.

Massachusetts S1989 amends the state's estate tax law by exempting estates valued at $5,000,000 or less from taxation. This change aims to reduce the tax burden on smaller estates, potentially affecting the revenue collected by the state. The bill modifies Section 2A of chapter 65C of the general laws, inserting a provision that no tax shall be imposed on estates with a value of $5,000,000 or below.

Massachusetts S1989 proposes to exempt estates valued at $5,000,000 or less from the state estate tax.

Massachusetts S1989 amends the state's estate tax law by exempting estates valued at $5,000,000 or less from taxation. This change aims to reduce the tax burden on smaller estates, potentially affecting the revenue collected by the state. The bill modifies Section 2A of chapter 65C of the general laws, inserting a provision that no tax shall be imposed on estates with a value of $5,000,000 or below.