S.F. No. 333 Summary

• Allows a surviving spouse to use a deceased spouse's unused estate tax exclusion amount through a portability election on the Minnesota estate tax return.

• Personal representatives may elect portability on the return required under Minnesota Statutes section 289A.10, and the election is irrevocable once made.

• Surviving spouses can claim a deceased spousal unused exclusion amount of up to $3,000,000, or the excess of $3,000,000 over the predeceased spouse's Minnesota taxable estate, whichever is less.

• The subtraction for the deceased spousal unused exclusion amount cannot reduce the Minnesota taxable estate below zero.

• Effective for estates of decedents dying after June 30, 2022.