The bill amends Sections 44-23-1 and 44-23-2 of the General Laws concerning estate and transfer taxes, specifically focusing on the requirements for executors, administrators, heirs-at-law, and trustees in filing statements related to the decedent's estate. Notably, it introduces a new provision that allows these parties to file a statement with the municipality of the decedent's residence, asserting that the gross estate's value does not necessitate a state or federal estate tax filing. Upon recording this statement, the division of taxation will issue a discharge of the estate tax lien. This provision is effective for estates of decedents who pass away on or after January 1, 2025.

Additionally, the bill modifies the fee structure associated with filing these statements. For estates of decedents who died before January 1, 2025, a fee of $50 will be required, while estates of decedents who die on or after that date will not incur any filing fees. The bill also clarifies the information that must be included in the statements filed by trustees, including the trust agreement, cash value of the trust estate, and beneficiary details, while removing the requirement for additional information deemed necessary by the tax administrator. Overall, the bill aims to streamline the process of estate tax filings and provide clarity on the requirements for estate representatives.