An Act relative to modernizing the estate tax

This bill establishes a $5 million exemption for Massachusetts estate tax, meaning estates valued at $5 million or less (after standard federal deductions) won't owe tax for decedents dying on or after July 1, 2024. It sets the exemption amount to adjust annually based on Massachusetts wage growth, using data from the Bureau of Economic Analysis. The change directly affects estates of deceased residents with assets below the threshold, primarily reducing tax burden for smaller estates. The exemption applies to the federal taxable estate value (after deductions) and takes effect for deaths occurring on or after July 1, 2024.