MassCPAs Testifies in Support to Update Estate Tax Code
Wednesday January 12th, MassCPAs submitted testimony in support of House bill 2881, An Act relative to the Massachusetts estate tax code, which would, among other provisions of the bill, increase the exemption level from $1 million to $2.75 million and ensure that only the value of the estate above the exemption is taxed, not the entire estate.
In a press release supporting the legislation, Amy Pitter, MassCPAs President and CEO, stated:
“MassCPAs members are trusted tax and financial advisors to each of their clients who are obligated to advise them to do what is best for their financial wellbeing, which includes where they reside. Massachusetts is an expensive state to live and work in, and our current low estate tax threshold, exacerbated by the possibility of a new 4% surtax on taxable income of over $1 million, along with the new remote workforce, puts us at risk for losing these taxpayers to states without estate, income, or sales taxes. House bill 2881 will, in part, encourage these taxpayers to stay domiciled in Massachusetts, and help keep our economy and communities strong. I urge the Massachusetts legislature to act on this with haste, and I thank Representative Dooley for his leadership and bipartisan support of this bill.”
We are grateful to the Representative Shawn Dooley for sponsoring this bill and to the many co-sponsors for their support. Special thanks to MassCPAs members who submitted testimony in support of this legislation. We will keep you posted on any developments going forward.
To read our testimony, click here