Estate Tax News – The Legislature should stop dithering on tax relief

“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 Program (included in Healey’s bill) and an increase in the annual authorization for the low-income housing tax credit — looks like the basis for a meaningful bill.

[. . .]

The House approach on raising the exemption on the estate tax (keeping in mind that Massachusetts is one of only 12 states that actually levy an estate tax) to $2 million and doing away with the so-called cliff effect (taxing the entire estate from $1 if it exceeds the current $1 million exemption) is preferable to the Senate’s use of a tax credit but ought not to be a deal-breaker in talks.

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