Bill > SF1271

This bill makes several technical changes to Minnesota's estate tax laws, primarily focusing on the portability of a deceased spouse's unused estate tax exclusion amount. The bill sets a permanent estate tax exclusion amount of $3,000,000 and allows a surviving spouse to potentially use the unused portion of their deceased spouse's estate tax exclusion. Under the new provisions, a personal representative can elect to allow the surviving spouse to take into account the decedent's unused exclusion amount, with the election being irrevocable and automatically applied unless specifically opted out of on the estate tax return. The bill also provides a mechanism for filing an estate tax return even when one is not typically required, specifically to claim this unused exclusion amount. Additionally, the bill makes some modifications to the estate tax rate schedule and clarifies how the tax is calculated based on the Minnesota gross estate. These changes will be effective for estates of decedents dying after December 31, 2024, providing clarity and potentially significant tax planning opportunities for married couples in Minnesota.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1271&ssn=0&y=2025