An Act relative to the Massachusetts estate tax code

This bill amends the Massachusetts estate tax code to establish new tax rates and an exemption amount that takes effect for estates of residents dying on or after January 1, 2024. It sets a base exemption of $1,000,000, which will be adjusted annually based on inflation, and imposes a graduated tax on adjusted taxable estates exceeding this threshold. The legislation also clarifies how taxes are calculated for non-residents owning property in Massachusetts and ensures that assets subject to a power of appointment are included in the tax base.