HOUSE DOCKET, NO. 2289        FILED ON: 1/19/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2877

The Commonwealth of Massachusetts

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PRESENTED BY:

Jay D. Livingstone

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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 to encourage Massachusetts residency.

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PETITION OF:

HOUSE DOCKET, NO. 2289        FILED ON: 1/19/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2877

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Third General Court
(2023-2024)

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An Act to encourage Massachusetts residency.

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. Chapter 65C of the General Laws is hereby amended by striking out subsection (a) of Section 2 and inserting in place thereof the following subsection:-

(a) A tax computed in accordance with the following is hereby imposed on the transfer of the Massachusetts taxable estate of every deceased resident of Massachusetts:

Massachusetts estate tax shall be twenty percent of Massachusetts taxable estate on every deceased resident of Massachusetts; provided however, that the tax under this subsection shall not be greater than twenty percent of the amount by which the Massachusetts taxable estate exceeds the exemption given at subsection (a) of section three.

SECTION 2. Section 3 of Ch. 65C of the General Laws is hereby amended by striking out subsection (a) and inserting the following:

(a) There shall be an exemption for up to $2 million for each Massachusetts taxable estate.  The amount of this exemption shall increase annually starting on March 1, 2023 and each March 1 thereafter by a percentage equal to the most recent annual seasonally adjusted Consumer Price Index for all Urban Consumers for the United States as published by the United States Bureau of Labor Statistics.

SECTION 3. Ch. 65C of the General Laws is hereby amended by adding the following subsection:-

(e) An exemption shall be provided in addition to any exemption in subsections (a), (b), and (c) that the value of a deceased resident’s primary residence at the time of their death shall not be included in the value of Massachusetts taxable estate.