Bill > HF166

This bill modifies Minnesota estate tax regulations to align with federal estate tax exclusion amounts. Specifically, the bill updates two sections of Minnesota tax law regarding estate tax returns and estate tax calculations. The changes remove previous state-specific exclusion amount thresholds (which ranged from $1,200,000 to $3,000,000 depending on the year of death) and instead adopts the federal applicable exclusion amount under the Internal Revenue Code. The bill replaces the prior graduated exclusion scale with a direct reference to the federal exclusion amount, essentially standardizing Minnesota's estate tax calculation with federal guidelines. These changes will take effect for estates of decedents dying after December 31, 2024, which means the new provisions will apply to deaths occurring in 2025 and beyond. The modifications aim to simplify estate tax calculations and align state tax law more closely with federal tax regulations.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0166&ssn=0&y=2025