Bill > SF3671

This bill modifies the Minnesota estate tax by providing spousal portability of a deceased spouse's unused exclusion amount. The key provisions include: 1. Increasing the estate tax exemption amount from $2.7 million to $3 million for estates of decedents dying in 2020 and thereafter. 2. Allowing a personal representative to elect to allow a decedent's surviving spouse to take into account the decedent's unused exclusion amount, known as the "deceased spousal unused exclusion amount." This election is irrevocable. 3. Allowing a personal representative of an estate that is not required to file a tax return to still file a return to allow the surviving spouse to use the deceased spouse's unused exclusion amount. 4. Providing a formula to calculate the additional subtraction for the deceased spousal unused exclusion amount, which is limited to $3 million. 5. Updating the Minnesota estate tax rate schedule. These changes are intended to provide more flexibility and tax relief for surviving spouses by allowing them to utilize their deceased spouse's unused exclusion amount.