State Tax Relief Weakens in MA House and Senate

June 12, 2023

State Tax Relief Weakens in MA House and Senate

Last week, the Massachusetts Senate released a tax relief package that matched the House by only raising the estate tax exemption to $2 million. Governor Healey had proposed a $3 million exemption in her tax reform effort. Massachusetts is ranked worst in the nation for the estate tax with the lowest exemption ($1 million) and a fiscal cliff effect. The tax proposal put forward by the House and Senate would increase the exemption to $2 million and eliminate the cliff. While this is good news, an exemption of $3 million could have served to make Massachusetts more competitive with the handful of states that still have an estate tax. The Senate also stripped provisions reducing in the short-term capital gains tax from 12% to 5%. The bill is expected to head to a conference committee to iron out the differences in the Senate and House proposals.

Topics:

Uncategorized

State:

Massachusetts

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