SENATE DOCKET, NO. 1669        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1884

The Commonwealth of Massachusetts

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PRESENTED BY:

Patricia D. Jehlen

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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 estate tax.

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PETITION OF:

SENATE DOCKET, NO. 1669        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1884

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act relative to the 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. Subsection (a) of section 2A of chapter 65C of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by adding the following sentence:- If the value of the decedent’s taxable estate is over $20,000,000 or more, the tax owed to the commonwealth shall be $2,676,400 plus 19 per cent of the excess of $20,000,000. 

SECTION 2. Said chapter 65C is hereby further amended by inserting after section 2A the following section:-

Section 2B. If the value of the decedent’s taxable estate is equal to $1,000,000, but does not exceed $1,050,000, a credit of $35,000 shall be applied to the taxes owed to the commonwealth pursuant to section 2A; provided, that the amount of the credit allowable pursuant to this section shall be reduced by 70 cents for each $1 by which the value of the decedent’s taxable estate exceeds $1,000,000.