Estate Tax News – House tax plan builds on Healey approach

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 for a $2 million exclusion. Under Healey’s plan, the threshold would be raised to $3 million and a uniform credit of $182,000 would be provided to all estates.

House officials said the difference between their plan and Healey’s plan is negligible, but analysts say the cost of Healey’s estate tax proposal would be $275 million a year compared to $231 million under the House plan.

This post is a part of Old Colony Law’s Estate Tax Updates.