Massachusetts Estate Tax Reform…Part 2

January 18, 2023

Massachusetts Estate Tax Reform…Part 2

Legislators were sworn-in, Governor Healey’s inauguration is over, and now the Massachusetts legislature is gearing up for another busy session. But will it include much-needed tax reforms? You may remember that in 2022, an economic development bill with various tax reforms was passed by both the House and the Senate but failed to receive final approval. The bill stalled out in the final days of session because legislative leaders claimed the 62F refunds threw tax relief plans into a state of uncertainty. This economic development package included long overdue estate tax reform, a policy that is now more important than ever, after the passage of the so-called millionaire’s tax. Massachusetts currently has the lowest estate tax exemption in the nation at $1 million, the 2022 proposal called for doubling the exemption to $2 million. It also called for the elimination of the fiscal cliff. Both changes would make Massachusetts’ estate tax slightly less onerous. It is important that lawmakers include estate tax reform in any 2023 tax relief bills. The increased exemption and elimination of the fiscal cliff would be a step in the right direction as Massachusetts is one of a small number of states that still has an estate or inheritance tax. NFIB will continue advocating for estate tax reforms with the end goal of eliminating this burdensome and unfair tax.

Topics:

Uncategorized

State:

Massachusetts

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More