MN HF1886

Eliminates the $1,000,000 threshold requirement for filing Minnesota estate tax returns, replacing it with conformity to federal estate tax return filing requirements.

Removes the $4,000,000 deduction cap for qualified farm and small business property from Minnesota's adjusted taxable estate calculation.

Changes the gift tax lifetime credit from a fixed $100,000 to 10 percent of the applicable federal exclusion amount under Internal Revenue Code section 2010(c), including inflation adjustments and deceased spousal unused exclusion amounts.

Conforms Minnesota's estate tax computation to federal law as amended through January 3, 2013, without regard to IRC section 2011(f), and uses federal tax rates as of December 31, 2000.

Repeals several outdated provisions related to qualified farm property, qualified small business property exemptions, and return filing requirements effective for estates of decedents dying after June 30, 2013.