SECTION 1. Section 3 of chapter 65C of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting, after the word “ninety-six;”, in line 14, the following words:- “two million dollars or less for decedents dying after December thirty-first, two thousand and twenty;” .
SECTION 2. Notwithstanding any general or special law to the contrary, the department of revenue shall develop an updated rate table for calculation of the estate tax under section 2 of chapter 65C. The rates in the updated table shall take into account the exemption allowed under section 3 of said chapter, as most recently amended by this act, and shall make a report to the house and the senate committees on ways and means, no later than May 1, 2020, with recommendations on implementation of: (1) an updated rate table for calculation of the estate tax; and (2) regular increases in the amount of the exemption under section 3 of chapter 65C; provided, however, that the recommended rates must be calculated such that the implementation is revenue neutral.
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