Budget Amendment ID: FY2025-S4-833

OTH 833

Estate Tax

Messrs. Tarr, Payano, O'Connor and Fattman moved that the proposed new text be amended by inserting after SECTION _ the following sections:-

"SECTION_. Section 37 of the chapter 50 of the acts of 2023 is hereby amended by being struck in its entirety and inserting in place thereof the following:-"Said section 2A of said chapter 65C, as so appearing, is hereby further amended by adding the following 2 subsections:-

(f) For the estates of decedents dying on or after July 1, 2023, a credit shall be allowed against the tax imposed by subsections (a) and (b) equal to the amount of such tax; provided, however, that the credit shall not exceed $182,000.

(g) The estates of decedents dying on or after July 1, 2023 shall not be required to pay any tax under subsections (a) and (b) if the value of the federal taxable estate is not more than $5,000,000, provided said taxable estate amount shall be adjusted annually to reflect any increases in the cost of living by the same method used for federal income tax brackets."