MN HF2297

Amends Minnesota's estate tax to link the estate tax exemption to the federal exclusion amount under the Internal Revenue Code, using rates and brackets as they existed December 31, 2000.

Repeals Minnesota's gift tax entirely, eliminating sections 292.16 through 292.21 and related provisions governing gift tax returns and administration.

Removes references to gifts made within three years of death from estate tax calculations and eliminates the $4,000,000 cap on qualified small business and farm property deductions.

Removes gift returns from public inspection provisions and eliminates separate gift tax reporting requirements administered by the Commissioner of Revenue.

Effective date: June 30, 2013 for gifts and estates of decedents dying after that date.