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MN SF4797

Bill

Official Source

Status

Introduced

3/11/2024

Primary Sponsor

Eric Lucero

Click for details

Origin

Senate

93rd Legislature 2023-2024

AI Summary

  • Increases the Minnesota estate tax exclusion amount from $3,000,000 to $7,000,000 for estates of decedents dying in 2025 and thereafter
  • Requires the commissioner to adjust the $7,000,000 exclusion amount for inflation annually beginning in 2026, with amounts rounded down to the nearest $50
  • Changes the threshold for requiring Minnesota estate tax return filing to match the new $7,000,000 exclusion amount for 2025 and later deaths
  • Modifies the subtraction allowed in computing Minnesota taxable estate to use the $7,000,000 exclusion amount for decedents dying in 2025 and thereafter
  • Applies effective date of December 31, 2024, for both amended statutes

Legislative Description

Estate taxation exclusion modification

Last Action

Referred to Taxes

3/11/2024

Committee Referrals

Taxes3/11/2024

Full Bill Text

No bill text available