Modernizes Massachusetts estate tax by exempting estates valued at $5,000,000 or less and adjusting tax credits annually.

Massachusetts S2088 updates the estate tax by exempting estates valued at $5,000,000 or less from tax. For estates exceeding this amount, the tax is calculated based on the federal taxable estate reduced by $5,000,000. The tax credit is adjusted annually to reflect changes in salaries and wages in the commonwealth. This bill applies to estates of decedents dying on or after July 1, 2024.

Modernizes Massachusetts estate tax by exempting estates valued at $5,000,000 or less and adjusting tax credits annually.

Massachusetts S2088 updates the estate tax by exempting estates valued at $5,000,000 or less from tax. For estates exceeding this amount, the tax is calculated based on the federal taxable estate reduced by $5,000,000. The tax credit is adjusted annually to reflect changes in salaries and wages in the commonwealth. This bill applies to estates of decedents dying on or after July 1, 2024.