MA H3059

Repeals Chapter 65A of the General Laws and replaces the estate tax structure in Chapter 65C with a new graduated rate schedule

Estates valued at $2,000,000 or less pay no estate tax; rates begin at 10% for estates over $2,000,000 and increase in 1% increments for each $500,000 bracket

Maximum tax rate of 30% applies to estates exceeding $10,000,000

Non-residents are subject to the same rate schedule for real property and tangible personal property located in Massachusetts

Effective date is January 1, 2025 for taxable years beginning on or after that date