MN SF2603

Eliminates the requirement for a federal estate tax return to be filed before a Minnesota estate tax return is required, effective for estates of decedents dying after June 30, 2013.

Removes the $1,000,000 threshold alternative for filing Minnesota estate tax returns and instead ties the requirement solely to whether a federal return is required.

Updates the Internal Revenue Code reference date from December 31, 2000 to January 3, 2013 for computing Minnesota estate and gift taxes.

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

Repeals provisions allowing deductions for qualified farm and small business property valued up to $4,000,000 from the Minnesota adjusted taxable estate.