MN SF1942

Eliminates Minnesota's separate estate tax exclusion thresholds ($3,000,000 for deaths in 2020 and after) and conforms to the federal estate tax exclusion amount under Internal Revenue Code section 2010(c)(3), which is currently approximately $13.61 million per individual

Removes the requirement to file a Minnesota estate tax return based on state-specific dollar thresholds; returns would only be required when a federal estate tax return is required

Eliminates the additional subtraction for qualified small business property and qualified farm property (previously up to $5,000,000 minus the state exclusion amount)

Effective for estates of decedents dying after December 31, 2024