Bill > SF3309

This bill modifies the Minnesota estate tax by establishing spousal portability of a deceased spouse's unused exclusion amount. Specifically, it: 1. Increases the estate tax exemption amount from $3 million to $3 million, plus an additional amount based on the unused exemption of the last deceased spouse (up to $3 million). 2. Allows the personal representative of a decedent's estate to elect to allow the decedent's surviving spouse to use the deceased spouse's unused exclusion amount, which is an irrevocable election. 3. Provides a process for personal representatives of estates that are not required to file an estate tax return to still elect spousal portability. 4. Makes conforming changes to the estate tax rate schedule. The bill is effective for estates of decedents dying after June 1, 2022.