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MN SF2253
Bill
Status
3/6/2025
Primary Sponsor
Bill Weber
Click for details
AI Summary
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Increases the Minnesota estate tax filing threshold from $3,000,000 to $6,000,000, doubling the amount an estate can be worth before requiring a state estate tax return
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Raises the general estate tax subtraction (exclusion) amount from $3,000,000 to $6,000,000 when calculating the Minnesota taxable estate
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Increases the combined cap for qualified small business property and qualified farm property subtractions to a full $5,000,000, removing the previous formula that reduced this cap by the general exclusion amount
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Effective for estates of decedents dying after June 30, 2025
Legislative Description
General estate tax subtraction amount increase; combined cap on the subtractions for qualified small business property and qualified farm property increase
Last Action
Author stricken Putnam
3/20/2025