Bill Summary: SF2693

• Updates Minnesota's Internal Revenue Code reference date from April 14, 2011, to December 31, 2013, aligning state income tax provisions with recent federal tax law changes.

• Increases Minnesota estate tax exemption thresholds in phases: $1.2 million (2014) rising to $2 million (2018 and beyond), and repeals gift tax provisions, eliminating state-level gift taxation.

• Modifies sales and use tax by removing repair and maintenance services for electronic equipment and commercial machinery from taxable services, effective March 31, 2014.

• Expands the Angel Investment Credit program by increasing allocated credits from $11 million to $27 million (2014-2014) and $12 million to $15 million annually (2015-2016), extending the program through taxable year 2016.

• Creates production property transition aid for local units experiencing net tax capacity reductions exceeding 5 percent due to changes in real property definitions, phasing out over four years (2016-2019).