Massachusetts Proposed Pairing Agreement
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How to fill out Proposed Pairing Agreement?
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FAQ
In 2023, the federal estate tax ranges from rates of 18% to 40% and generally only applies to assets over $12.92 million.
Short-term capital gains will now be taxed at 8.5%, instead of the previous 12%, effective as of January 1, 2023. Note, however, that if the Massachusetts ?millionaires tax? applies, its 4% surtax will bring the rate on short-term capital gains to 12.5%.
Massachusetts has raised the estate tax exemption from $1,000,000 to $2,000,000, retroactively to January 1, 2023. As a result, for decedents dying after 2022 who have a Massachusetts taxable estate of under $2,000,000, there will be no Massachusetts estate tax due.
The administration's proposal would establish a non-refundable $182,000 credit for each estate, without a tax increase on estates of any size. This credit would have the effect of eliminating all taxes on estates of up to $3 M in net taxable value and would represent $182,000 of tax relief on larger estates.
Estates exceeding $2 million will be subject to tax on the excess at a rate starting at 7.2 percent and increasing with the size of the estate, up to 16 percent. For a married couple, trust planning is still required to maximize the use of the exclusion for each spouse.
2023, c. 50. The new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million. Below, you will find answers to frequently asked questions regarding these recent changes.
Creates a new tax credit for dependents of $310 for 2023 and $440 for 2024. Increases the earned income tax credit to 40% of the federal credit. Increases the cap on the rental deduction to $4,000. Raises the annual authorization for the low-income housing tax credit from $40 million to $60 million.
How the lifetime gift tax exclusion works. On top of the $17,000 annual exclusion in 2023, you get a $12.92 million lifetime exclusion. And because it's per person, married couples can exclude double that in lifetime gifts. That comes in handy when you're giving away more than the annual exclusion amount.