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 up to $182,000. Massachusetts is one of only 12 states that has an estate tax and shares the lowest threshold of those twelve with Oregon. This reform would reduce the tax burden on smaller estates, which historically have filed over 70 percent of estate tax returns, and helps seniors and families age in place and be able to stay in Massachusetts.
From the Administration’s Budget Brief:
From the Governor’s letter to lawmakers:
And the actual language in the bill the Healey Administration plans to file with the legislature:
Continued on the next page:
This post is a part of Old Colony Law’s Estate Tax Updates.