Bill > HF350

This bill provides for the portability of the deceased spousal unused exclusion amount for Minnesota estate tax purposes. It amends existing state statutes to allow a decedent's surviving spouse to take into account the decedent's unused exclusion amount when calculating the Minnesota taxable estate. The bill also increases the standard exclusion amount for Minnesota estate tax from $2.7 million to $3 million, and allows for a subtraction of up to $2 million for qualified small business and farm property. The key provisions of this bill are effective for estates of decedents dying after June 30, 2022.