MN HF2985

Amends Minnesota Statutes sections 291.005 and 291.03 to update the Internal Revenue Code reference from April 14, 2011 to December 31, 2011 for estate tax purposes.

Simplifies the Minnesota estate tax calculation to use the federal maximum credit for state death taxes under Internal Revenue Code section 2011 for decedents dying in calendar year 2012, using Minnesota adjusted taxable estate instead of federal adjusted taxable estate.

Eliminates deductions for expenses deducted for federal income tax purposes under Internal Revenue Code section 642(g) when computing Minnesota estate tax.

Repeals subdivisions 8, 9, 10, and 11 of Minnesota Statutes section 291.03, which previously provided deductions for qualified small business and farm property.

All changes are effective for estates of decedents dying after June 30, 2012.