Today, September 27, 2023, the Massachusetts House of Representatives approved an increase to the Massachusetts estate tax filing threshold to $2,000,000.
The House voted 155-1 on Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity, which amends Section 2(A) of Chapter 65C under the MA General Laws. The proposed amendment provides that estates of decedents dying on or after January 1, 2023, are exempt from MA estate tax if the federal taxable estate is not more than $2,000,000. Currently, the estate tax filing threshold in Massachusetts is $1,000,000.
The Bill is now awaiting passage by the Senate before it is signed by Governor Maura Healey. The Bill is expected to pass through the Senate before the 2023 legislative term ends on November 15, 2023.
If you are the legal representative or family member of the estate of a decedent dying after January 1, 2023, please contact us as soon as possible to review the estate administration process. Clients with assets of $1,000,000 or more should also contact their Attorney to review their estate plan goals.
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