Further Amendment #695.1 to H4000

Further amendment to #695

Mr. Diehl of Whitman #695 as amended

Section XX. Section 3 of Chapter 65C of the General Laws is hereby amended by inserting the following section: -

(e) Provided, however, that notwithstanding any other provision of law to the contrary, for any small business as defined by 26 U.S.C. 1 et seq., located within the Commonwealth of Massachusetts or any farmland located within the commonwealth of Massachusetts, and in continuing utilization by the executor, administrator, heir-at-law, beneficiary or trustees as a small business so defined or as farmland, the first five million dollars ($5,000,000) in value of said small business or farmland shall be exempt in computing the Massachusetts taxable estate; provided further that all farmland included as part of an estate shall be appraised at its use value according to applicable federal and state law and not at its full and fair cash value.