For estates of decedents dying in 2006 or after, the applicable exclusion amount is $1,000,000. For married couples who have used AB Trust planning to reduce their federal estate tax bill, a Massachusetts estate tax may be due on the B Trust as a result of a gap between the Massachusetts exemption and the federal exemption. Information on tax help for taxpayers, businesses, tax-exempt organizations and others – … H.2489 189th (2015 - 2016) An Act relative to the Massachusetts estate tax code. Emergency Preparedness. The Estate Tax is a tax on your right to transfer property at your death. Future changes to the federal estate tax law have no impact on the Massachusetts estate tax. Chamber of Commerce. A compilation of laws, regulations, cases and web sources on taxation law in general. 564 Main Street, Suite 302, Waltham, MA 02452 | Phone: 781-893-2233 Estate Planning | Probate & Estate Administration | Elder Law / Medicaid Planning | Residential Real Estate | Individual Income Tax Preparation | Planning for Children | Special Needs Planning | | Resources An Act relative to the Massachusetts estate tax code. Calculating the Massachusetts estate tax is a two-step process; 1) a personal representative must determine whether an estate tax return (Form M-706) must be filed, i.e. The higher exemption will expire Dec. 31, 2025. If you are a resident of Massachusetts, and you die with more than $1 million in your "taxable estate," then you owe a Massachusetts estate tax. Federal estate tax largely tamed. H.4210 190th (2017 - 2018) An Act relative to the Massachusetts estate tax code. S.1713 191st (2019 - 2020) An Act relative to the Massachusetts estate tax code. It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 PDF (PDF)).The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. Following the Federal Economìc Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), which gradually phased out the federal estate tax and completely eliminated it for 2010, the Massachusetts estate tax was "decoupled" from the Federal estate tax, effective for estates of decedents dying on or after January 1,2003. The Tax Cuts and Jobs Act, signed into law in 2017, doubled the exemption for the federal estate tax and indexed that exemption to inflation. HERE . In 2013, that gap is $4,250,000. Totals by Calendar Year for Income Tax Return ... Trash & Recycling. SD.461 Lewis, Jason M. An Act relative to diabetes prevention For specific tax topics, like estate tax, property tax, or small business taxes, see Related section, below. The maximum federal estate tax rate is 40 percent on the value of an estate above that amount. Please find your current tax bill information on our new secure payment processing page at the following link. SD.460 Lewis, Jason M. An Act to improve Alzheimer's and dementia care in Senior Care Options program. Property Values. 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