Bill > HF147

This bill modifies Minnesota's estate tax regulations by increasing the estate tax threshold and subtraction amount. Specifically, the bill raises the threshold for filing a Minnesota estate tax return from a gradually increasing amount (previously ranging from $1,200,000 to $3,000,000) to a flat $6,000,000. Similarly, it updates the estate tax subtraction calculation, replacing the previous year-by-year exclusion amounts with a $6,000,000 standard subtraction. The bill also maintains a provision allowing an additional subtraction for qualified small business and farm property, with a maximum of $2,000,000. These changes will apply to estates of decedents dying after June 30, 2025, effectively increasing the estate tax exemption and providing more generous tax treatment for larger estates. The modifications aim to reduce the tax burden on estates and provide more predictable and potentially more favorable tax treatment for estate planning.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0147&ssn=0&y=2025