SECTION 1. Section 3 of Chapter 65C of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out the first paragraph and inserting in place thereof the following:- (a) An exemption equal to the Massachusetts net estate shall be allowed if the Massachusetts net estate is two million dollars or less for decedents dying after December thirty-first two thousand and nineteen and on, or before December thirty-first two thousand and twenty; four million dollars or less for decedents dying after December thirty-first two thousand and twenty and on, or before December thirty-first two thousand and twenty-one; six million dollars or less for decedents dying after December thirty-first two thousand and twenty-one and on, or before December thirty-first two thousand and twenty-two; eight million dollars or less for decedents dying after December thirty-first two thousand and twenty-two and on, or before December thirty-first two thousand and twenty-three; for decedents dying after December thirty-first two thousand and twenty-three, an exemption to the Massachusetts net estate shall be allowed if the Massachusetts net estate is equal to or less than the federal exclusion amount as defined under section two thousand and ten of the Internal Revenue Code; 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.