MN SF938

Increases Minnesota's estate tax exclusion threshold from $3,000,000 to $6,000,000, doubling the amount estates can be worth before triggering a filing requirement

Raises the general subtraction amount used to calculate Minnesota taxable estate from the current $3,000,000 to $6,000,000

Maintains an additional subtraction of up to $2,000,000 for qualified small business property and qualified farm property

Simplifies the statute by replacing the graduated year-by-year exclusion schedule (which ranged from $1,200,000 in 2014 to $3,000,000 in 2020+) with a single fixed threshold

Effective date is July 1, 2025, applying to estates of decedents dying after June 30, 2025