Bill > SF333

This bill aims to provide portability of the deceased spousal unused exclusion amount for estate tax purposes in Minnesota. Key provisions include: 1. Increasing the Minnesota estate tax exclusion amount to $3 million for decedents dying after June 30, 2022, and allowing an additional subtraction for the deceased spousal unused exclusion amount (up to $3 million) for surviving spouses. 2. Allowing the personal representative of a decedent's estate to elect to allow the decedent's surviving spouse to take into account the decedent's deceased spousal unused exclusion amount when filing the Minnesota estate tax return. This election is irrevocable. 3. Updating the Minnesota estate tax rate schedule to apply a flat 13% rate on taxable estates up to $7.1 million, with higher marginal rates for larger estates. The bill aims to provide more favorable estate tax treatment for Minnesotans, particularly for surviving spouses, by enabling the portability of the deceased spouse's unused exclusion amount.