SENATE DOCKET, NO. 1422        FILED ON: 2/17/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 811

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Rebecca L. Rausch

_________________

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 consistent treatment of life estates.

_______________

PETITION OF:

 

Name:

District/Address:

 

Rebecca L. Rausch

Norfolk, Bristol and Middlesex

 

Bruce E. Tarr

First Essex and Middlesex

3/24/2021

Jason M. Lewis

Fifth Middlesex

3/31/2021

Brendan P. Crighton

Third Essex

3/31/2021

Patrick M. O'Connor

Plymouth and Norfolk

4/9/2021


SENATE DOCKET, NO. 1422        FILED ON: 2/17/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 811

By Ms. Rausch, a petition (accompanied by bill, Senate, No. 811) of Rebecca L. Rausch, Bruce E. Tarr, Jason M. Lewis, Brendan P. Crighton and others for legislation relative to consistent treatment of life estates.  Health Care Financing.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act relative to consistent treatment of life estates.

 

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 28 of chapter 118E of the general laws is hereby amended by adding at the end thereof the following:-

“In determining the eligibility of an individual who has disposed of a life estate or remainder interest in property, the Division shall determine the percentage interest of such life estate or remainder interest in accordance with 26 CFR 20.2031-7.”

 SECTION 2. Section 31 of said chapter 118E is hereby amended in subsection (d) by inserting after the word “sold.” the following:-

“If the property against which the division has a lien or encumbrance is a life estate or remainder interest, the percentage interest against which the division may recover upon a sale shall be determined in accordance with 26 CFR 20.2031-7.”