Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF2253 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1.1 A bill for an act
2	2	1.2 relating to taxation; estate; increasing the general subtraction amount; increasing
3	3	1.3 the combined cap on the subtractions for qualified small business property and
4	4	1.4 qualified farm property; amending Minnesota Statutes 2024, sections 289A.10,
5	5	1.5 subdivision 1; 291.016, subdivision 3.
6	6	1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
7	7	1.7 Section 1. Minnesota Statutes 2024, section 289A.10, subdivision 1, is amended to read:
8	8	1.8 Subdivision 1.Return required.In the case of a decedent who has an interest in property
9	9	1.9with a situs in Minnesota, the personal representative must submit a Minnesota estate tax
10	10	1.10return to the commissioner, on a form prescribed by the commissioner, if:
11	11	1.11 (1) a federal estate tax return is required to be filed; or
12	12	1.12 (2) the sum of the federal gross estate and federal adjusted taxable gifts, as defined in
13	13	1.13section 2001(b) of the Internal Revenue Code, made within three years of the date of the
14	14	1.14decedent's death exceeds $1,200,000 for estates of decedents dying in 2014; $1,400,000 for
15	15	1.15estates of decedents dying in 2015; $1,600,000 for estates of decedents dying in 2016;
16	16	1.16$2,100,000 for estates of decedents dying in 2017; $2,400,000 for estates of decedents dying
17	17	1.17in 2018; $2,700,000 for estates of decedents dying in 2019; and $3,000,000 for estates of
18	18	1.18decedents dying in 2020 and thereafter $6,000,000.
19	19	1.19 The return must contain a computation of the Minnesota estate tax due. The return must
20	20	1.20be signed by the personal representative.
21	21	1.21 EFFECTIVE DATE.This section is effective for estates of decedents dying after June
22	22	1.2230, 2025.
23	23	1Section 1.
24	24	25-04478 as introduced02/27/25 REVISOR EAP/VJ
25	25	SENATE
26	26	STATE OF MINNESOTA
27	27	S.F. No. 2253NINETY-FOURTH SESSION
28	28	(SENATE AUTHORS: WEBER, Dahms, Nelson, Putnam and Drazkowski)
29	29	OFFICIAL STATUSD-PGDATE
30	30	Introduction and first reading03/06/2025
31	31	Referred to Taxes 2.1 Sec. 2. Minnesota Statutes 2024, section 291.016, subdivision 3, is amended to read:
32	32	2.2 Subd. 3.Subtraction.(a) For estates of decedents dying after December 31, 2016, A
33	33	2.3subtraction is allowed in computing the Minnesota taxable estate, equal to the sum of:
34	34	2.4 (1) the exclusion amount for the year of death under paragraph (b) $6,000,000; and
35	35	2.5 (2) the lesser of:
36	36	2.6 (i) (2) the value of qualified small business property under section 291.03, subdivision
37	37	2.79, and the value of qualified farm property under section 291.03, subdivision 10; or, the
38	38	2.8sum of which must not exceed $5,000,000.
39	39	2.9 (ii) $5,000,000 minus the exclusion amount for the year of death under paragraph (b).
40	40	2.10 (b) The following exclusion amounts apply for the year of death:
41	41	2.11 (1) $2,100,000 for decedents dying in 2017;
42	42	2.12 (2) $2,400,000 for decedents dying in 2018;
43	43	2.13 (3) $2,700,000 for decedents dying in 2019; and
44	44	2.14 (4) $3,000,000 for decedents dying in 2020 and thereafter.
45	45	2.15 (c) (b) The subtraction under this subdivision must not reduce the Minnesota taxable
46	46	2.16estate to less than zero.
47	47	2.17 EFFECTIVE DATE.This section is effective for estates of decedents dying after June
48	48	2.1830, 2025.
49	49	2Sec. 2.
50	50	25-04478 as introduced02/27/25 REVISOR EAP/VJ