Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H2850 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 2070 FILED ON: 1/19/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 2850
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Bradley H. Jones, Jr.
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act updating the estate tax.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Bradley H. Jones, Jr.20th Middlesex1/18/2023Nicholas A. Boldyga3rd Hampden1/26/2023Peter J. Durant6th Worcester1/26/2023Susan Williams Gifford2nd Plymouth1/26/2023F. Jay Barrows1st Bristol1/26/2023Lenny Mirra2nd Essex1/26/2023Joseph D. McKenna18th Worcester1/27/2023Kimberly N. Ferguson1st Worcester1/31/2023Steven George Xiarhos5th Barnstable2/23/2023Hannah Kane11th Worcester3/1/2023 1 of 2
16	16	HOUSE DOCKET, NO. 2070 FILED ON: 1/19/2023
17	17	HOUSE . . . . . . . . . . . . . . . No. 2850
18	18	By Representative Jones of North Reading, a petition (accompanied by bill, House, No. 2850) of
19	19	Bradley H. Jones, Jr. and others relative to the estate tax. Revenue.
20	20	The Commonwealth of Massachusetts
21	21	_______________
22	22	In the One Hundred and Ninety-Third General Court
23	23	(2023-2024)
24	24	_______________
25	25	An Act updating the estate tax.
26	26	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
27	27	of the same, as follows:
28	28	1 SECTION 1. Section 2A of chapter 65C, as appearing in the 2020 Official Edition, is
29	29	2hereby amended by striking out subsection (a) and inserting in place the following subsection:-
30	30	3 (a) A tax is hereby imposed upon the transfer of the estate of each person dying on or
31	31	4after January 1, 1997 who, at the time of death, was a resident of the commonwealth. The
32	32	5amount of the tax shall be equal to the credit for state death taxes that would have been allowable
33	33	6to a decedent’s estate as computed under section 2011 of the Code, as in effect on December 31,
34	34	72000, hereinafter referred to as the “credit”. In the event that the federal gross estate of a person
35	35	8includes real or tangible personal property located outside of Massachusetts at the time of death,
36	36	9the tax shall be reduced by an amount equal to the proportion of such allowable credit as the
37	37	10value of said real or tangible personal property located outside of Massachusetts bears to the
38	38	11value of the entire federal gross estate wherever situated, as determined under section 2011 of the
39	39	12Code, as in effect on December 31, 2000. 2 of 2
40	40	13 SECTION 2. Said section 2A of said chapter 65C, as so appearing, is hereby further
41	41	14amended by adding the following subsection:-
42	42	15 (f) Effective for the estates of decedents dying on or after July 1, 2023, for purposes of
43	43	16computing the tax imposed by subsections (a) and (b), the credit shall be determined based on
44	44	17the value of the federal taxable estate after such estate is reduced by $2,000,000. Estates of
45	45	18decedents dying on or after July 1, 2023 are not required to pay any tax under subsection (a) or
46	46	19(b) if the value of the federal taxable estate is $2,000,000 or less. For purposes of this subsection,
47	47	20the federal taxable estate is the federal gross estate less any qualified conservation exclusion
48	48	21elected under section 2031(c) of the Code, as in effect on December 31, 2000, and further
49	49	22reduced by the deductions allowable by the Code, as in effect on December 31, 2000.
50	50	23 SECTION 3. Sections 1 and 2 shall take effect for the estates of decedents dying on or
51	51	24after July 1, 2023.