October 3, 2023
By: William A. Morgan and Suzanne Brown Walsh
JD Supra published Bill Morgan and Suzanne Walsh's Article on Massachusetts new tax relief legislation.
The article explores new tax legislation in Massachusetts designed to provide estate tax relief, amend the millionaire’s tax loophole and reduce short-term capital gains tax from 12% to 8.5%. The revamped measures ensure estates under $2 million receive a $99,600 credit, shifting from the current tax on estates valued at $1 million and above.
The legislation also mandates married couples, subject to the 4% millionaire’s surtax and filing joint returns with the IRS, to do the same with Massachusetts, preventing income split to dodge the surtax. In addition, corporate tax assessment will prioritize sales over the previous triad of property, payroll,and sales. Governor Healey is expected to sign off on this by October 1, 2023.
Bill advises clients on estate and gift tax planning and compliance, wealth transfer and business succession planning, charitable giving strategies and tax controversy services before the Internal Revenue Service and state taxing authorities. In addition, Bill has extensive experience with sophisticated tax and estate issues surrounding high-net-worth clients.
Suzanne, the Chair of the Trusts & Estates Group, represents clients in the areas of estate and tax planning, particularly for families of children with special needs, elder law, estate and trust administration, trust modifications and trustee changes.
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