MN SF2404

Removes the requirement that decedents "continuously" own qualified small business property for three years before death, simplifying the ownership requirement language.

Removes the requirement that decedents "continuously" own qualified farm property for three years before death, simplifying the ownership requirement language.

Maintains all other eligibility criteria for qualified small business property, including material participation in the business, gross annual sales of $10,000,000 or less, and post-death family operation for three years.

Maintains all other eligibility criteria for qualified farm property, including farm classification requirements and post-death family operation for three years.

Effective for estates of decedents dying after June 30, 2012.