Estate Tax News – Tax relief still alive despite state potentially owing billions to feds

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 end of May, already includes a carveout for $575 million in tax relief. That’s about what was approved last year but abandoned and yet still hundreds of millions less than the economic reform plans offered by the state House and governor.

What will be in the plan is still up in the air. Senate Ways and Means Chair Michael Rodrigues said a bill would be released in “the next two weeks.”

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