An Act relative to the Massachusetts estate tax code

Massachusetts bill H 3270 updates the state's estate tax code to adjust thresholds and tax rates for estates of people dying on or after January 1, 2024. It sets a basic exclusion amount of $2.75 million (adjusted annually for inflation), creating a "Massachusetts taxable estate" calculated by subtracting deductions from the gross estate. The bill imposes progressive tax rates ranging from 10% to 13% on taxable estates over $5 million, with specific rules allowing a principal residence exclusion (if owned for 2+ years in the past 5 years) and spousal unused exclusion amounts. This bill directly affects Massachusetts residents and non-residents owning property in the state whose estates exceed the exclusion threshold.