Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H4029 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. 3812 FILED ON: 1/20/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 4029
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Mike Connolly
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 promoting estate tax fairness.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Mike Connolly26th Middlesex1/20/2023 1 of 3
16	16	HOUSE DOCKET, NO. 3812 FILED ON: 1/20/2023
17	17	HOUSE . . . . . . . . . . . . . . . No. 4029
18	18	By Representative Connolly of Cambridge, a petition (accompanied by bill, House, No. 4029) of
19	19	Mike Connolly 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 promoting estate tax fairness.
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. Chapter 65A of the General Laws is hereby repealed.
29	29	2 SECTION 2. Chapter 65C of the General Laws, as appearing in the 2020 Official
30	30	3Edition, is hereby amended by striking out section 2A and inserting in place thereof the
31	31	4following section:-
32	32	5 Section 2A. (a) An excise tax is hereby imposed upon the transfer of the estate of each
33	33	6person dying on or after January 1, 1997 who, at the time of death, was a resident. Section 3 shall
34	34	7not apply for the purposes of computing the tax imposed by this section.
35	35	8 The excise tax shall be computed in accordance with the following rate schedule table:-
36	36
37	37	Federal Gross Estate
38	38	Rate of Tax 2 of 3
39	39	9
40	40	Not over $2,000,000
41	41	None
42	42	Over $2,000,000 but not over $2,500,000
43	43	10%
44	44	Over $2,500,000 but not over $3,000,000
45	45	11%
46	46	Over $3,000,000 but not over $3,500,000
47	47	12%
48	48	Over $3,500,000 but not over $4,000,000
49	49	13%
50	50	Over $4,000,000 but not over $4,500,000
51	51	14%
52	52	Over $4,500,000 but not over $5,000,000
53	53	15%
54	54	Over $5,000,000 but not over $5,500,000
55	55	16%
56	56	Over $5,500,000 but not over $6,000,000
57	57	17%
58	58	Over $6,000,000 but not over $6,500,000
59	59	18%
60	60	Over $6,500,000 but not over $7,000,000
61	61	19%
62	62	Over $7,000,000 but not over $7,500,000
63	63	20%
64	64	Over $7,500,000 but not over $8,000,000
65	65	$21%
66	66	Over $8,000,000 but not over $8,500,000
67	67	22%
68	68	Over $8,500,000 but not over $9,000,000
69	69	23%
70	70	Over $9,000,000 but not over $9,500,000
71	71	24% 3 of 3
72	72	Over $9,500,000 but not over $10,000,00
73	73	25%
74	74	Over $10,000,000
75	75	30%
76	76	10
77	77	11 (b) An excise tax is hereby imposed upon the transfer of real property situated in the
78	78	12commonwealth and upon tangible personal property having an actual situs in this commonwealth
79	79	13of every person who at the time of their death was not a resident. The amount of this excise tax
80	80	14shall be calculated pursuant to the rate schedule in subsection (a).
81	81	15 (c) The estates of decedents dying on or after July 1, 2023 shall not be required to pay
82	82	16any excise tax under this section if the value of the federal gross estate is not more than
83	83	17$2,000,000.
84	84	18 SECTION 4. This act shall take effect for taxable years beginning on or after January 1,
85	85	192023.