▸SECTION 1
Chapter 65A of the General Laws is hereby repealed.
▸SECTION 2
Chapter 65C of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by striking out section 2A and inserting in place thereof the following section:-
▸SECTION 2A
(a) An excise tax is hereby imposed upon the transfer of the estate of each person dying on or after January 1, 1997 who, at the time of death, was a resident. Section 3 shall not apply for the purposes of computing the tax imposed by this section.
The excise tax shall be computed in accordance with the following rate schedule table:-
Federal Gross Estate Rate of Tax
Not over $2,000,000 None
Over $2,000,000 but not over $2,500,000 10%
Over $2,500,000 but not over $3,000,000 11%
Over $3,000,000 but not over $3,500,000 12%
Over $3,500,000 but not over $4,000,000 13%
Over $4,000,000 but not over $4,500,000 14%
Over $4,500,000 but not over $5,000,000 15%
Over $5,000,000 but not over $5,500,000 16%
Over $5,500,000 but not over $6,000,000 17%
Over $6,000,000 but not over $6,500,000 18%
Over $6,500,000 but not over $7,000,000 19%
Over $7,000,000 but not over $7,500,000 20%
Over $7,500,000 but not over $8,000,000 $21%
Over $8,000,000 but not over $8,500,000 22%
Over $8,500,000 but not over $9,000,000 23%
Over $9,000,000 but not over $9,500,000 24%
Over $9,500,000 but not over $10,000,00 25%
Over $10,000,000 30%
(b) An excise tax is hereby imposed upon the transfer of real property situated in the commonwealth and upon tangible personal property having an actual situs in this commonwealth of every person who at the time of their death was not a resident. The amount of this excise tax shall be calculated pursuant to the rate schedule in subsection (a).
(c) The estates of decedents dying on or after July 1, 2023 shall not be required to pay any excise tax under this section if the value of the federal gross estate is not more than $2,000,000.
▸SECTION 4
This act shall take effect for taxable years beginning on or after January 1, 2025.
Show raw text
SECTION 1. Chapter 65A of the General Laws is hereby repealed.
SECTION 2. Chapter 65C of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by striking out section 2A and inserting in place thereof the following section:-
Section 2A. (a) An excise tax is hereby imposed upon the transfer of the estate of each person dying on or after January 1, 1997 who, at the time of death, was a resident. Section 3 shall not apply for the purposes of computing the tax imposed by this section.
The excise tax shall be computed in accordance with the following rate schedule table:-
Federal Gross Estate Rate of Tax
Not over $2,000,000 None
Over $2,000,000 but not over $2,500,000 10%
Over $2,500,000 but not over $3,000,000 11%
Over $3,000,000 but not over $3,500,000 12%
Over $3,500,000 but not over $4,000,000 13%
Over $4,000,000 but not over $4,500,000 14%
Over $4,500,000 but not over $5,000,000 15%
Over $5,000,000 but not over $5,500,000 16%
Over $5,500,000 but not over $6,000,000 17%
Over $6,000,000 but not over $6,500,000 18%
Over $6,500,000 but not over $7,000,000 19%
Over $7,000,000 but not over $7,500,000 20%
Over $7,500,000 but not over $8,000,000 $21%
Over $8,000,000 but not over $8,500,000 22%
Over $8,500,000 but not over $9,000,000 23%
Over $9,000,000 but not over $9,500,000 24%
Over $9,500,000 but not over $10,000,00 25%
Over $10,000,000 30%
(b) An excise tax is hereby imposed upon the transfer of real property situated in the commonwealth and upon tangible personal property having an actual situs in this commonwealth of every person who at the time of their death was not a resident. The amount of this excise tax shall be calculated pursuant to the rate schedule in subsection (a).
(c) The estates of decedents dying on or after July 1, 2023 shall not be required to pay any excise tax under this section if the value of the federal gross estate is not more than $2,000,000.
SECTION 4. This act shall take effect for taxable years beginning on or after January 1, 2025.