SECTION 1. Subsection (a) of section 2A of chapter 65C of the General Laws, as appearing in the 2020 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.
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