Massachusetts Giveth and It Taketh Away: the Millionaires Tax and the State Estate Tax
Director Matthew Hillery will present during the Boston Estate Planning Council (BEPC) webinar: Massachusetts Giveth and It Taketh Away.
The webinar will focus on the implications of the new Massachusetts Millionaire’s Tax. The discussion will highlight both the application of the new tax as well as planning opportunities for the 2023 tax filing.
- Overview of Massachusetts tax rates
- Types of income will be subject to the tax
- Options available to reduce the tax
In addition to the Millionaire’s Tax, the increase in the Massachusetts estate tax exemption and changes to the operation of the tax will also be discussed. This will cover:
- Operation of the credit
- Elimination of the cliff effect
- Application of the tax to out-of-state real estate.