Right now, if you are a resident of Massachusetts when you die your estate will be taxed at one of the highest levels in the nation. In addition, the estate tax is due within nine months of death, often forcing heirs to have to sell assets under duress which can cost the estate serious money.
There is currently a bill at the state legislature, H1510/HD 1867, An Act Relative to the Massachusetts Estate Tax Code, sponsored by Shawn C. Dooley of Norfolk. We are strongly in support of this bill as are our state senator and representative, Julian Cyr and Dylan Fernandez. Massachusetts has been losing wealthy residents (and their state income tax, sales tax, property and excise taxes, capital gains and estate taxes) for years due to the punitive nature of the existing estate tax code. There are only 14 states in the country with a state estate tax and Massachusetts has one of the lowest exemptions at $1,000,000. The bill would increase the state exemption to 50% of the Federal tax code; in 2017 the exemption in Massachusetts would have been $2,745,000 per person (the current federal exemption is $5,490,000).
With the recent changes in the Federal Estate guidelines it is reasonable that the MA exemption be revised and raised to be more consistent with the Federal government. We encourage you, in the interest of supporting a more fair tax policy, to reach out to your state representatives to ask for their support of the bill. Below is a link to all of the state legislators in Massachusetts as well as a link to the highlights of H1510/HD1867.
Thank you for your consideration.
Massachusetts State Legislators
H1510 Estate Tax Bill – Summary