SECTION 1. The Massachusetts Department of Revenue shall conduct a study to examine the estate tax as established in chapter 65C of the general laws. The study shall: (i) analyze and evaluate the current law; (ii) determine whether elements of the law must be updated, including, but not limited to: (A) the net estate threshold for exemption; (B) the net estate threshold for credit; (iii) an evaluation of updates or changes to the federal law and guidance since 1975; and (iv) an evaluation of updates or changes to other state laws since 1975. The department shall submit its findings to the clerks of the senate and house of representatives and the joint committee on revenue not later than March 31, 2023.

SECTION 2. The Massachusetts Department of Revenue shall conduct a study to examine the transfer taxes and fees on transfers of real property. The study shall: (i) analyze and evaluate the current law, including but not limited to: (A) the application of transfer taxes on transfers of real property to a trust; (B) current loopholes that allow a transfer tax or fee to be unpaid; (C) the deed excise tax; (D) counties and municipalities in the Commonwealth with a different transfer tax rate than the basic state-level rate; (ii) determine whether elements of the law must be updated to; (A) close existing loopholes; (B) ensure equity; (iii) an evaluation of the deed excise tax and transfer taxes and fees in other states, including Maryland. The department shall submit its findings to the clerks of the senate and house of representatives and the joint committee on revenue not later than March 31, 2023.