An Act relative to the estate tax

This bill modifies Massachusetts estate tax rules to adjust how taxes are calculated for large estates and to provide a specific credit for smaller ones. It directly affects individuals who leave behind taxable estates, changing the tax liability for those with assets over $20 million and offering a partial tax reduction for estates valued between $1 million and $1.05 million. Under the new provisions, estates exceeding $20 million would owe a fixed base tax of $2,676,400 plus 19% of the amount over that threshold. Additionally, estates falling within the $1 million to $1.05 million range would receive a $35,000 credit, which decreases by 70 cents for every dollar the estate value exceeds $1 million. These changes aim to refine the state's revenue collection from inheritance while providing relief for mid-sized estates.