Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

HF 747

as introduced - 89th Legislature (2015 - 2016) Posted on 02/12/2015 02:17pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Pdf Rtf

Bill Text Versions

Engrossments
Introduction Posted on 02/12/2015

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23
1.24

A bill for an act
 relating to taxation; estate; providing an increase in the subtraction for qualified
small business and qualified farm property; amending Minnesota Statutes 2014,
section 291.016, subdivision 3.

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

Section 1.

Minnesota Statutes 2014, section 291.016, subdivision 3, is amended to read:


Subd. 3.

Subtraction.

new text begin (a) For estates of decedents dying in 2014, 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 10, or the result of $5,000,000
minus deleted text begin the amount for the year of death listed in clauses (1) to (5)deleted text end new text begin $1,200,000new text end , whichever is
less, may be subtracted in computing the Minnesota taxable estate but must not reduce the
Minnesota taxable estate to less than zeronew text begin .
new text end

new text begin (b) For estates of decedents dying in 2015 and thereafter, 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 10, or the result of $5,430,000 minus
the amount for the year of death listed in clauses (1) to (4), whichever is less, may be
subtracted in computing the Minnesota taxable estate but must not reduce the Minnesota
taxable estate to less than zeronew text end :

(1) deleted text begin $1,200,000 for estates of decedents dying in 2014;
deleted text end

deleted text begin (2)deleted text end $1,400,000 for estates of decedents dying in 2015;

deleted text begin (3)deleted text end new text begin (2)new text end $1,600,000 for estates of decedents dying in 2016;

deleted text begin (4)deleted text end new text begin (3)new text end $1,800,000 for estates of decedents dying in 2017; and

deleted text begin (5)deleted text end new text begin (4)new text end $2,000,000 for estates of decedents dying in 2018 and thereafter.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end