SENATE DOCKET, NO. 1013        FILED ON: 1/19/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1509

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Viriato M. deMacedo

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the Massachusetts estate tax.

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PETITION OF:

 

Name:

District/Address:

 

Viriato M. deMacedo

Plymouth and Barnstable

 

Donald F. Humason, Jr.

Second Hampden and Hampshire

1/31/2017

Thomas J. Calter

12th Plymouth

2/2/2017

Ryan C. Fattman

Worcester and Norfolk

2/2/2017

Josh S. Cutler

6th Plymouth

2/3/2017


SENATE DOCKET, NO. 1013        FILED ON: 1/19/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1509

By Mr. deMacedo, a petition (accompanied by bill, Senate, No. 1509) of Viriato M. deMacedo, Donald F. Humason, Jr., Thomas J. Calter, Ryan C. Fattman and others for legislation relative to the Massachusetts estate tax.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

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An Act relative to the Massachusetts estate tax.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 3 of Chapter 65C of the General Laws, as appearing in the 2014 Official Edition is hereby amended by striking out the first paragraph and inserting in place thereof the following:- (a) for decedents dying after: (i) December thirty-first two thousand and sixteen an exemption equal to the Massachusetts net estate shall be allowed if the Massachusetts net estate is one million two hundred thousand dollars or less; (ii) December thirty-first two thousand and seventeen, an exemption equal to the Massachusetts net estate shall be allowed if the Massachusetts net estate is less than one million two hundred thousand dollars multiplied by the percentage (if any) by which the Consumer Price Index, as defined by the Code, for the preceding calendar year, exceeds the Consumer Price Index for the calendar year 2005; provided that the exemption shall not exceed an amount equal to the smallest federal taxable estate that absorbs the allowable federal credit under section two thousand and ten of the Internal Revenue Code as amended and in effect as of the date of death of the decedent. Except for purposes of the final clause of subsection (a) of section two of chapter sixty-five C, if the Massachusetts net estate exceeds the amount of the exemption, no exemption shall apply.