Today, we issued a statement on the long-awaited tax relief legislation from lawmakers. Among other things, the legislation increases the Massachusetts estate tax threshold from $1 million to $2 million. Our statement, a clean version of which may be downloaded here, is as follows: “At long last, we are delighted to hear that our lawmakersContinue reading “Old Colony Law’s statement on estate tax relief”

Here is our compilation of the media coverage following lawmakers’ release of their tax relief plan. From Boston Globe: Hailing it as a historic win for taxpayers, Massachusetts lawmakers will begin voting Wednesday on a $1 billion tax package that would boost tax breaks for families, seniors, and others while slashing state taxes on profitsContinue reading “Estate Tax News – Lawmakers unveil final tax relief legislation”

Here is the final tax relief legislation, as agreed upon by lawmakers. It is expected to pass both the House and Senate later this week. This post is a part of Old Colony Law’s Estate Tax Updates.

Massachusetts lawmakers announced that they struck a deal on a comprehensive tax relief package, the details of which are to be announced in legislation to be filed next week. Some of the news media coverage is summarized below. Old Colony law will continue to monitor developments and analyze the tax relief package for impact onContinue reading “Estate Tax News – Lawmakers reach a deal on tax relief”

The Sun Chronicle weighs in with some commentary on the long overdue tax relief package. We could not have said it better ourselves! The clock is ticking. On Nov. 16, the Massachusetts Legislature is scheduled to end its session. Any bill not approved by then will have to start all over next year. That includesContinue reading “Estate Tax News – Our View: Clock ticking for tax relief in Massachusetts”

The Hampshire Gazette provides an update on the internal legislative negotiations and the activities of the external forces attempting to influence those organizations: “BOSTON — Lawmakers have given no indication they are any closer to compromise on the tax relief they promised more than a year ago . . . House and Senate Democrats whoContinue reading “Estate Tax News – Landscape shifting again around stalled tax relief talks”

The Lowell Sun provides a fairly comprehensive breakdown of the various tax relief votes in the Massachusetts Senate. Here’s their commentary on the estate tax/death tax (Old Colony Law tends to use both of these terms, despite their respective perceived political undertones): Senate 5-33, rejected an amendment that would increase from $1 million to $5Continue reading “Estate Tax News – How Senators voted on tax relief”

As summer comes to a close, the President of the Massachusetts Senate appeared on a local news program with comments about pending tax relief legislation, among other things. While no specifics were revealed in her comments, the Senate President did reiterate that tax relief is at the top of her agenda and that she isContinue reading “Estate Tax News – Post Labor Day Tax Relief Update”

“Taxpayers have waited long enough” for tax reform, says the Boston Globe: A package that includes the best of the House’s efforts to address the state’s outlier status on the estate tax and short-term capital gains taxes, while adopting some of the Senate’s housing-related proposals — including an increase to the Housing Development Incentive ProgramContinue reading “Estate Tax News – The Legislature should stop dithering on tax relief”

Here is an updated chart comparing the various estate tax relief proposals currently under consideration. The Senate approved its proposal just last week. This post is a part of Old Colony Law’s Estate Tax Updates.

From The Eagle Tribune: BOSTON — The state’s business leaders are calling for more robust tax cuts in a relief package set to be taken up by the state Senate this week.  On Thursday, the Senate is expected to debate a $590 million proposal with a buffet of permanent tax changes aimed at providing reliefContinue reading “Estate Tax News – Business leaders urge Senate to expand tax-relief plan”

Adding to an earlier post, here is more reaction from Massachusetts media outlets following the Senate’s announcement of it’s estate tax relief proposal. From The [Lowell] Sun: Compared to the House proposal, the plan from Senate Democrats suggests a more limited child and dependent tax credit and a different approach to reducing the estate tax.Continue reading “Estate Tax News – More Reaction to the Massachusetts Senate’s proposal to cut the estate tax”

Here is some miscellaneous reaction from Massachusetts media outlets following the Senate’s announcement of it’s estate tax relief proposal. Boston Globe: Like the House, the Senate plan also would reshape the Massachusetts estate tax, considered among the strictest in the country, by raising the tax threshold from $1 million to $2 million. The Senate proposalContinue reading “Estate Tax News – Reaction to the Massachusetts Senate’s proposal to cut the estate tax”

Today, the Massachusetts Senate unveiled it’s tax relief proposal. It includes raising the Massachusetts estate tax exemption from $1 million to $2 million. The full text of the bill can be found here. This post is a part of Old Colony Law’s Estate Tax Updates.

Lawmakers need to shift gears on tax policy if they want to ensure that Massachusetts remains a place where residents can prosper and the economy remains competitive into the future, according to an opinion piece in today’s Boston Globe: Massachusetts also has the most burdensome estate tax in the nation with a threshold of $1Continue reading “Estate Tax News – High taxes are driving people out of Massachusetts”

Massachusetts tax revenues are down for the year and the Commonwealth may owe billions of dollars to the federal government. Still, as Boston Herald reports, discussions related to tax relief, including cuts to the Massachusetts estate tax, are still ongoing among lawmakers: The Senate’s about $56 billion fiscal 2024 budget, unanimously passed at the endContinue reading “Estate Tax News – Tax relief still alive despite state potentially owing billions to feds”

The Eagle-Tribune covers a report from The Pioneer Institute, entitled “Tax Reality Sets In,” citing the Massachusetts estate tax as a reason for outward migration: The report argues that Massachusetts policymakers have “ignored the new tax realities and the rise of remote work” citing the voter approval of the millionaires tax in 2022 and legislativeContinue reading “Estate Tax News – Report: Mass. outward migration increases fourfold”

MASSterList reports on the estate tax relief discussions happening in the Massachusetts legislature amid recent reports of state tax revenue dropping last month: Will the eye-popping drop in April revenue numbers, which came in $1.4 billion under benchmark make them blink? The Senate, perhaps a little more to the left than the House, will have toContinue reading “Estate Tax News – Capital gains, estate tax cuts could be on chopping block in Massachusetts relief debate”

From Politico Massachusetts: Raise Up Massachusetts sent a letter to the entire Senate yesterday doubling down on its argument that April’s revenue shortfall, combined with the feds hiking interest rates and the threat of defaulting on the national debt, present “significant” fiscal risk for the state. The group is urging senators to reject not onlyContinue reading “Estate Tax News – Raise Up Massachusetts sent a letter to the entire Senate yesterday”

Here’s a side-by-side of the two major Massachusetts estate tax relief proposals that are currently on the table. A Senate version is expected to surface in the coming several weeks. This post is a part of Old Colony Law’s Estate Tax Updates.

Adding to yesterday’s coverage of the House tax relief plan, here is a comment from Politico: And the House is only seeking to raise the estate-tax threshold from $1 million to $2 million — the number lawmakers had largely settled on before discussions were scuttled last session — rather than the $3 million the governorContinue reading “Estate Tax News – Democrats’ tax dance”

The House just released its much anticipated tax relief package. Below are some links to some media coverage and snippets from that coverage relating to the estate tax. Old Colony Law will continue to post updates as details become available. Boston Herald: The proposal would also double the state’s death tax threshold to $2 millionContinue reading “Estate Tax News – Miscellaneous reaction to House tax relief plan”

CommonWealth Magazine compares the Massachusetts House’s tax relief plan with the proposal the Healey Administration announced in late February: The House estate tax proposal raises the threshold where the tax kicks in from $1 million to $2 million and applies the tax only to the amount above $2 million. All estates would be eligible forContinue reading “Estate Tax News – House tax plan builds on Healey approach”

Politico reports on a new UMass Amherst/WCVB poll: [O]nly 48 percent of respondents support raising the estate-tax threshold to $3 million from $1 million, while 25 percent oppose it and 26 percent chose neither option. UMass Amherst polling director Tatishe Nteta expects the upcoming budget discussions will help move the needle for those in thatContinue reading “Estate Tax News – Big week on Beacon Hill”

Boston Globe with reaction from Massachusetts residents on the current tax climate. Although not the primary topic of discussion, the Massachusetts estate tax is invoked throughout the piece. This post is a part of Old Colony Law’s Estate Tax Updates.

CommonWealth Magazine reports on a report issued by the Massachusetts Budget and Policy Center, which suggests that “the business community narrative that millionaires are fleeing the state is unfounded.” The Budget and Policy Center said Internal Revenue Service data from 2011 to 2020 indicate out-migration of high-income households is low in Massachusetts compared to otherContinue reading “Estate Tax News – Exodus of wealthy residents called non-existent”

Boston Globe attempts takes a stab at reading the tax relief tea leaves for its readers in an opinion piece: During a question and answer period at the [Greater Boston] Chamber [of Commerce] event, Mariano said of the estate tax: “It’s pretty much assumed that you’re going to see that tin the [House] package.” ButContinue reading “Tax relief: Reading Mariano’s tea leaves”

Boston Globe‘s coverage of Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief plan: He didn’t get into specifics, other than to say the tax reform package will contain elements that were left on the table last summer when negotiations on the previous package were dropped, and that some of theContinue reading “Mariano pitches Mass. House tax plan, setting up a face-off with Healey’s proposal”

CommonWealth Magazine reports on House Speaker Ron Mariano’s comments on the House’s forthcoming tax relief package: In his prepared remarks to the Chamber on Thursday, Mariano indicated he believes the state can now afford a tax relief package. “In order to guarantee that this proposal does not jeopardize the long-term financial security of the Commonwealth,Continue reading “Mariano says state can afford another tax cut package”

MassLive reports following Massachusetts Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief package at a Greater Boston Chamber of Commerce gathering: Mariano couldn’t say what the House’s tax package would cost, such as around $1 billion or closer to $500 million. But Mariano said his chamber does want to findContinue reading “Tax cuts for Bay Staters: ‘Everything’s on the table,’ Speaker Ron Mariano says”

On Tuesday, Governor Healey’s testified before the Joint Revenue Committee regarding her tax relief package (which includes proposed changes to the estate tax law). As part of it’s ongoing Estate Tax Updates, Old Colony Law compiled some of the reaction in the press. Please feel welcome to write to write to [email protected] if you haveContinue reading “Estate tax update: Reaction to Governor’s testimony before the Joint Revenue Committee”

Daily Hampshire Gazette sets the stage for an upcoming public hearing on the Governor’s proposed tax reforms (including changes to the Massachusetts estate tax law): Healey’s plan (H 42) combines a new $600-per-dependent tax credit for parents and caregivers with relief for renters and seniors, slashes the short-term capital gains tax rate from 12% to 5%,Continue reading “Tax relief critics, supporters will air thoughts Tuesday”

MassterList on the current status of the Healey Administration’s tax reform and relief proposal, which includes an overhaul of the Massachusetts estate tax: No hearing has been scheduled on the tax reform and relief proposal Healey filed more than two weeks ago, and leaders in the House — where the tax bill must pass firstContinue reading “Massachusetts House drags its feet on legislation 2 months into session”

From CommonWealth Magazine: TEN OF THE state’s regional chambers of commerce are concerned they are not being heard on Beacon Hill, so they are banding together to speak with one louder voice. And on the estate tax specifically: Gov. Maura Healey has proposed a tax cut package that includes a reduction in the state’s estateContinue reading “Chambers of commerce fear not being heard, band together”

Boston Business Journal on Massachusetts Budget and Policy Center’s reaction to the Healey Administration proposed changes to the Massachusetts estate tax: MassBudget assessed three of Healey’s proposed tax credits as progressive, with a larger benefit for lower-income households, but argued that the governor’s two “highly regressive” tax cuts would outweigh the impact of the moreContinue reading “Healey’s tax plan will disproportionately benefit wealthier households, new report says”

MassLive reports on more reaction to the Healey Administration’s proposed tax relief package: Two of Gov. Maura Healey’s proposed tax breaks would disproportionately benefit the commonwealth’s wealthiest residents, while cutting into state resources that could be used for other critical needs, a new report states. The left-leaning Massachusetts Budget and Policy Center reiterated its criticismContinue reading “These tax breaks from Gov. Healey are regressive, benefit the wealthy, think tank says”

WBZ NewsRadio 1030 on some of the reaction to the Healey Administration’s tax relief package as it relates to the proposal to increase the Massachusetts estate tax filing threshold: Healey is deploying her political capital to press for a nearly $1 billion per year tax package that would roll out a new $600-per-dependent tax credit forContinue reading “Progressive Coalition Mulling Tax Questions For Ballot”

Providence Business News on how changes to the estate tax in Massachusetts could prompt it’s neighbor, Rhode Island, to make a similar move: Rhode Island is always looking over its shoulder at Massachusetts when it comes to taxes. So as Massachusetts Gov. Maura Healey proposes giving more Commonwealth residents a break on estate taxes, theContinue reading “Healey’s proposed estate tax threshold could have grave consequences in R.I.”

The Daily News of Newburyport covers Governor Healey’s tax relief pitch to lawmakers: During a livestreamed Statehouse hearing, Healey personally made a case to approve the spending plan and related legislation that calls for adjusting income-tax laws to increase deductions for low-income renters, tax credits for housing and child care, and an overhaul of theContinue reading “Healey urges lawmakers to approve budget, tax cuts”

The Eagle-Tribune covers the debate over the Healey Administration’s estate tax proposal. The proposal is part of a broader tax package that would, if approved by the Legislature, adjust income-tax laws to boost deductions for low-income renters, provide tax credits for housing and child care, and overhaul the estate tax. “We know some of theContinue reading “Healey’s plans to cut business tax faces pushback”

The Raise Up Massachusetts coalition explains it’s opposition to the Healey Administration’s tax relief package and, more specifically, the estate tax relief component of that package: WAMC: The coalition is now speaking out against Governor Maura Healey’s new $742 million tax plan. Can you explain why the coalition is speaking out against it, and howContinue reading “Group behind Fair Share Amendment effort in Mass. says Healey’s tax plan is “enormous windfall” for the 1%”

Masslive.com reports: In her tax relief package, Healey also wants to eliminate Massachusetts’ outlier tax code status by increasing the estate tax threshold from $1 million to $3 million and introducing a credit of up to $182,000. More on the Governor’s view on how the estate tax proposal fits into the larger context of herContinue reading “Gov. Healey’s $750 million tax relief package seen as ‘stimulus’ for Mass. economy”

Politico reports on Boston Mayor Michelle Wu’s comment on Massachusetts Governor Maura Healey’s proposal to increase the estate tax exemption: That’s “outside the purview of the city of Boston,” Wu said. This post is a part of Old Colony Law’s Estate Tax Updates.

MassLive.com‘s editorial take on the Healey Administration’s estate tax proposal: Of particular note is Healey’s proposal to triple the estate tax threshold, essentially eliminating the tax on estates worth less than $3 million. Even her predecessor, Republican Charlie Baker, didn’t go that far when the Legislature and the governor considered doubling the threshold. Predictably, theContinue reading “Democrats should not dismiss Healey’s estate tax proposal (Editorial)”

Boston.com touches on the Massachusetts estate tax debate, noting that Raise Up Massachusetts, the group behind the so-called ‘millionaire’s tax’ amendment, is opposed to the Healey Administration’s estate tax proposal: But the group also argued Healey’s $742 million plans for tax relief, especially those that will benefit the state’s wealthiest residents by slashing the capitalContinue reading “How Gov. Healey wants to spend the ‘millionaires tax’ money”

CommonWealth Magazine covers Massachusetts Governor Maura Healey’s remarks to a Greater Boston Chamber of Commerce gathering: Healey talked up her proposed tax breaks for parents, renters, and seniors, but emphasized her proposals to treat all capital gains the same (right now short-term gains are taxed at 12 percent and all other gains at 5 percent)Continue reading “Healey tells business group no one will compete harder”

Alison Kuznitz at MassLive.com covers some of the reaction to the Healey Administration’s proposal to lift the Massachusetts estate tax threshold: Healey on Monday pitched overhauling the estate tax and short-term capital gains tax as a critical strategy to staunch an outward migration of Bay Staters and companies, as well as to lure newcomers whoContinue reading “Healey’s tax relief plan won’t spur the economic development Mass. needs, analysts say”

CommonWealth Magazine’s Bruce Mohl discusses how the estate tax is getting caught up on the so-called “millionaire tax” debate: THE POLITICAL FIGHT over the millionaire tax never seems to end. It took eight years for the state’s unions to win passage of a constitutional amendment assessing a 4 percent surcharge on income over $1 million.Continue reading “Fight over millionaire tax shifts to new arena”

WWLP News 22 covers the reaction to Governor Maura Healey’s estate tax proposal: Under Healey’s plan, the short-term capital gains tax would go from 12% to 5%. Healey’s plan would also increase when the estate tax kicks to $3 million. It would also offer up to $182,000 in a new estate tax credit. The RaiseContinue reading “Should Governor Healey cut estate and capital gains taxes for Massachusetts residents?”

Politico on the Healey Administration tax plan: Healey surprised Democrats on and off Beacon Hill by pitching an expansive tax-relief package that surpasses former Gov. Charlie Baker’s in scope and in cost. She’s calling for a $3 million estate-tax threshold, up from the $2 million marker floated last year. And she’s reviving a part ofContinue reading “Tax(relief)achusetts”

The Healey Administration announced its much-anticipated tax relief package today, which includes a proposal to increase the Massachusetts estate tax exemption from $1 million to $3 million. Here’s the press release announcing the package: It would also eliminate the estate tax for all estates valued at up to $3 million with a credit of upContinue reading “Healey Administration announces estate tax reform plan”

CommonWealth Magazine covers two different perspectives on the day the Healey Administration released its tax relief package, which included raising the Massachusetts estate tax exemption: TWO OF THE state’s leading budget analysts are split on whether Gov. Maura Healey’s tax reform package will make the state more competitive in retaining and attracting wealthy residents. OnContinue reading “A difference of opinion on estate tax, capital gains”

MassLive reports on Senate Republicans’ message to Governor Healey on her forthcoming tax relief package as it relates to the estate tax: Days before Gov. Maura Healey releases her highly anticipated first budget and an accompanying tax relief package, Senate Republicans have urged the new Democratic leader to pursue a series of permanent tax codeContinue reading “Here’s the tax relief Mass. Republicans want from Gov. Maura Healey”

The Eagle-Tribune on possible Massachusetts estate tax reform: BOSTON — A stalled package of permanent tax cuts is back on Beacon Hill’s agenda with lawmakers re-filing the proposals for the new legislative session. The proposals include plans to adjust state income tax laws, boost rent deductions, expand tax credits for housing and child care andContinue reading “Lawmakers to revisit stalled tax cut proposals”

The Sun Chronicle makes the case for changes to the Massachusetts estate tax: Leading the Democrats’ list must be a reform of Massachusetts’ estate tax. Right now, Massachusetts taxes estates of $1 million or more at a rate of 15%. Only one other state starts that low, Connecticut. And Massachusetts is the only state thatContinue reading “Our View: In 2023, let’s give taxpayers a break”

A Boston Globe opinion piece on the Massachusetts estate tax: Voters supported Question 1 on the November ballot, which amends the Massachusetts Constitution by adding a 4 percent tax surcharge on annual income over $1 million. That’s if you’re still alive. But you would still be advised not to die here anytime soon. While MassachusettsContinue reading “How to avoid the Massachusetts estate tax? Try not to die.”

The Eagle-Tribune previews the Healey Administration’s agenda, which is expected to include revisiting reforms to the state estate tax: BOSTON — The decision by legislative leaders to punt on a massive tax relief plan gives incoming Democratic Gov. Maura Healey the chance to mark her first notch as the state’s new chief executive with aContinue reading “Tax relief plan likely to top Healey’s agenda”