| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; estate; increasing the general subtraction amount; amending |
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| 3 | 3 | | 1.3 Minnesota Statutes 2024, sections 289A.10, subdivision 1; 291.016, subdivision |
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| 4 | 4 | | 1.4 3. |
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| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 6 | 6 | | 1.6 Section 1. Minnesota Statutes 2024, section 289A.10, subdivision 1, is amended to read: |
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| 7 | 7 | | 1.7 Subdivision 1.Return required.In the case of a decedent who has an interest in property |
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| 8 | 8 | | 1.8with a situs in Minnesota, the personal representative must submit a Minnesota estate tax |
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| 9 | 9 | | 1.9return to the commissioner, on a form prescribed by the commissioner, if: |
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| 10 | 10 | | 1.10 (1) a federal estate tax return is required to be filed; or |
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| 11 | 11 | | 1.11 (2) the sum of the federal gross estate and federal adjusted taxable gifts, as defined in |
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| 12 | 12 | | 1.12section 2001(b) of the Internal Revenue Code, made within three years of the date of the |
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| 13 | 13 | | 1.13decedent's death exceeds $1,200,000 for estates of decedents dying in 2014; $1,400,000 for |
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| 14 | 14 | | 1.14estates of decedents dying in 2015; $1,600,000 for estates of decedents dying in 2016; |
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| 15 | 15 | | 1.15$2,100,000 for estates of decedents dying in 2017; $2,400,000 for estates of decedents dying |
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| 16 | 16 | | 1.16in 2018; $2,700,000 for estates of decedents dying in 2019; and $3,000,000 for estates of |
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| 17 | 17 | | 1.17decedents dying in 2020 and thereafter $6,000,000. |
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| 18 | 18 | | 1.18 The return must contain a computation of the Minnesota estate tax due. The return must |
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| 19 | 19 | | 1.19be signed by the personal representative. |
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| 20 | 20 | | 1.20 EFFECTIVE DATE.This section is effective for estates of decedents dying after June |
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| 21 | 21 | | 1.2130, 2025. |
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| 22 | 22 | | 1Section 1. |
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| 23 | 23 | | 25-01372 as introduced01/16/25 REVISOR EAP/ES |
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| 24 | 24 | | SENATE |
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| 25 | 25 | | STATE OF MINNESOTA |
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| 26 | 26 | | S.F. No. 938NINETY-FOURTH SESSION |
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| 27 | 27 | | (SENATE AUTHORS: NELSON and Bahr) |
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| 28 | 28 | | OFFICIAL STATUSD-PGDATE |
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| 29 | 29 | | Introduction and first reading02/03/2025 |
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| 30 | 30 | | Referred to Taxes 2.1 Sec. 2. Minnesota Statutes 2024, section 291.016, subdivision 3, is amended to read: |
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| 31 | 31 | | 2.2 Subd. 3.Subtraction.(a) For estates of decedents dying after December 31, 2016, A |
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| 32 | 32 | | 2.3subtraction is allowed in computing the Minnesota taxable estate, equal to the sum of: |
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| 33 | 33 | | 2.4 (1) the exclusion amount for the year of death under paragraph (b) $6,000,000; and |
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| 34 | 34 | | 2.5 (2) the lesser of: |
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| 35 | 35 | | 2.6 (i) (2) the value of qualified small business property under section 291.03, subdivision |
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| 36 | 36 | | 2.79, and the value of qualified farm property under section 291.03, subdivision 10; or, the |
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| 37 | 37 | | 2.8sum of which must not exceed $2,000,000. |
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| 38 | 38 | | 2.9 (ii) $5,000,000 minus the exclusion amount for the year of death under paragraph (b). |
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| 39 | 39 | | 2.10 (b) The following exclusion amounts apply for the year of death: |
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| 40 | 40 | | 2.11 (1) $2,100,000 for decedents dying in 2017; |
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| 41 | 41 | | 2.12 (2) $2,400,000 for decedents dying in 2018; |
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| 42 | 42 | | 2.13 (3) $2,700,000 for decedents dying in 2019; and |
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| 43 | 43 | | 2.14 (4) $3,000,000 for decedents dying in 2020 and thereafter. |
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| 44 | 44 | | 2.15 (c) (b) The subtraction under this subdivision must not reduce the Minnesota taxable |
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| 45 | 45 | | 2.16estate to less than zero. |
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| 46 | 46 | | 2.17 EFFECTIVE DATE.This section is effective for estates of decedents dying after June |
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| 47 | 47 | | 2.1830, 2025. |
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| 48 | 48 | | 2Sec. 2. |
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| 49 | 49 | | 25-01372 as introduced01/16/25 REVISOR EAP/ES |
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