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MA S2088
Bill
AI Summary
- Raises the Massachusetts estate tax exemption threshold to $5,000,000, eliminating estate tax for estates valued at or below this amount
- Reduces taxable estate values by $5,000,000 before calculating the estate tax credit for estates above the threshold
- Establishes annual inflation adjustments to the exemption amount based on quarterly salary and wage changes in Massachusetts, as determined by the U.S. Bureau of Economic Analysis
- Applies retroactively to estates of decedents dying on or after July 1, 2024
- Sponsored by Senator Bruce E. Tarr (First Essex and Middlesex) and filed on January 16, 2025
Legislative Description
Relative to modernizing the estate tax
Last Action
Hearing rescheduled to 11/18/2025 from 10:00 AM-11:00 AM in B-1 and Virtual Hearing updated to New End Time
11/18/2025
Committee Referrals
Revenue2/27/2025
Full Bill Text
No bill text available