Bill > SF30

This bill makes several changes to Minnesota's estate tax laws, primarily focusing on removing obsolete provisions and introducing portability of the estate tax exclusion. The bill eliminates outdated language related to estate tax exclusion amounts for different years, simplifying the statute by setting a consistent $3,000,000 exclusion amount. It introduces a new provision allowing surviving spouses to use the deceased spouse's unused estate tax exclusion amount, which means if one spouse dies without using their full $3,000,000 exclusion, the surviving spouse can potentially use the remaining amount. The bill also provides that personal representatives can elect this portability by filing a tax return, with the election being irrevocable. Additionally, the bill allows personal representatives of estates not typically required to file a return to still file one to claim the portability benefit. The changes to the estate tax calculation rates and method remain largely the same, but the language has been streamlined. The new provisions will be effective for estates of decedents dying after June 30, 2025, giving tax professionals and taxpayers time to prepare for these changes. This legislation aims to provide more flexibility and clarity in estate tax planning for Minnesota residents.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0030&ssn=0&y=2025