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HF 4852

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/11/2024 02:15pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to taxation; estates; increasing the exclusion to $7,000,000; amending
Minnesota Statutes 2022, sections 289A.10, subdivision 1; 291.016, subdivision
3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 289A.10, subdivision 1, is amended to read:


Subdivision 1.

Return required.

new text begin (a) new text end In the case of a decedent who has an interest in
property with a situs in Minnesota, the personal representative must submit a Minnesota
estate tax return to the commissioner, on a form prescribed by the commissioner, if:

(1) a federal estate tax return is required to be filed; or

(2) the sum of the federal gross estate and federal adjusted taxable gifts, as defined in
section 2001(b) of the Internal Revenue Code, made within three years of the date of the
decedent's death exceeds deleted text begin $1,200,000 for estates of decedents dying in 2014; $1,400,000 for
estates of decedents dying in 2015; $1,600,000 for estates of decedents dying in 2016;
$2,100,000 for estates of decedents dying in 2017; $2,400,000 for estates of decedents dying
in 2018; $2,700,000 for estates of decedents dying in 2019; anddeleted text end $3,000,000 for estates of
decedents dying in deleted text begin 2020deleted text end new text begin 2024 and $7,000,000 for estates of decedents dying in 2025new text end and
thereafter.

new text begin (b) For estates of decedents dying in 2026 and thereafter, the commissioner must adjust
for inflation the $7,000,000 amount in paragraph (a) as provided in section 270C.22. The
statutory year is calendar year 2025. The amounts as adjusted must be rounded down to the
nearest $50 amount.
 new text end

new text begin (c) new text end The return must contain a computation of the Minnesota estate tax due. The return
must be signed by the personal representative.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for estates of decedents dying after
December 31, 2024.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 291.016, subdivision 3, is amended to read:


Subd. 3.

Subtraction.

(a) deleted text begin For estates of decedents dying after December 31, 2016,deleted text end A
subtraction is allowed in computing the Minnesota taxable estate, equal to the sum of:

(1) the exclusion amount for the year of death under paragraph (b); and

deleted text begin (2) the lesser of:
 deleted text end

deleted text begin (i)deleted text end new text begin (2)new text end the value of qualified small business property under section 291.03, subdivision
9, and the value of qualified farm property under section 291.03, subdivision 10deleted text begin ; ordeleted text end new text begin that
does not exceed $2,000,000.
new text end

deleted text begin (ii) $5,000,000 minus the exclusion amount for the year of death under paragraph (b).
 deleted text end

(b) The following exclusion amounts apply for the year of death:

deleted text begin (1) $2,100,000 for decedents dying in 2017;
 deleted text end

deleted text begin (2) $2,400,000 for decedents dying in 2018;
 deleted text end

deleted text begin (3) $2,700,000 for decedents dying in 2019; and
 deleted text end

deleted text begin (4)deleted text end new text begin (1)new text end $3,000,000 for decedents dying in deleted text begin 2020 and thereafter.deleted text end new text begin 2024; and
new text end

new text begin (2) $7,000,000 for decedents dying in 2025 and thereafter.
 new text end

(c) The subtraction under this subdivision must not reduce the Minnesota taxable estate
to less than zero.

new text begin (d) For estates of decedents dying in 2026 and thereafter, the commissioner must adjust
for inflation the $7,000,000 amount in paragraph (b), clause (2), as provided in section
270C.22. The statutory year is calendar year 2025. The amounts as adjusted must be rounded
down to the nearest $50 amount.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for estates of decedents dying after
December 31, 2024.
 new text end