An Act relative to the Massachusetts estate tax code

This bill amends the Massachusetts estate tax code to establish a new tax on estates of residents dying on or after January 1, 2024, as well as on real and tangible personal property located in the state owned by non-residents. It sets a basic exclusion amount of $2,750,000 that will be adjusted annually for inflation, meaning estates below this threshold would owe no tax, while larger estates face a progressive tax rate ranging from 10% to 13%. The legislation also defines specific terms for calculating taxable estates and clarifies how property with powers of appointment is valued for tax purposes.