as introduced - 91st Legislature (2019 - 2020) Posted on 04/04/2019 09:29am
Engrossments | ||
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Introduction | Posted on 03/18/2019 |
A bill for an act
relating to taxation; estate; adding a new top bracket in the rate structure; amending
Minnesota Statutes 2018, section 291.03, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, section 291.03, subdivision 1, is amended to read:
The tax imposed must be computed by applying to the
Minnesota taxable estate the following schedule of rates and then the resulting amount
multiplied by a fraction, not greater than one, the numerator of which is the value of the
Minnesota gross estate plus the value of gifts under section 291.016, subdivision 2, clause
(3), with a Minnesota situs, and the denominator of which is the federal gross estate plus
the value of gifts under section 291.016, subdivision 2, clause (3):
(a) deleted text begin For estates of decedents dying in 2017:
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Amount of Minnesota Taxable Estate deleted text end |
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Rate of Tax deleted text end |
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Not over $5,100,000 deleted text end |
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12 percent deleted text end |
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Over $5,100,000 but not over $7,100,000 deleted text end |
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$612,000 plus 12.8 percent of the excess over $5,100,000 deleted text end |
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Over $7,100,000 but not over $8,100,000 deleted text end |
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$868,000 plus 13.6 percent of the excess over $7,100,000 deleted text end |
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Over $8,100,000 but not over $9,100,000 deleted text end |
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$1,004,000 plus 14.4 percent of the excess over $8,100,000 deleted text end |
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Over $9,100,000 but not over $10,100,000 deleted text end |
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$1,148,000 plus 15.2 percent of the excess over $9,100,000 deleted text end |
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Over $10,100,000 deleted text end |
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$1,300,000 plus 16 percent of the excess over $10,100,000 deleted text end |
deleted text begin (b)deleted text end For estates of decedents dying in 2018 and deleted text begin thereafterdeleted text end new text begin 2019new text end :
Amount of Minnesota Taxable Estate |
Rate of Tax |
Not over $7,100,000 |
13 percent |
Over $7,100,000 but not over $8,100,000 |
$923,000 plus 13.6 percent of the excess over $7,100,000 |
Over $8,100,000 but not over $9,100,000 |
$1,059,000 plus 14.4 percent of the excess over $8,100,000 |
Over $9,100,000 but not over $10,100,000 |
$1,203,000 plus 15.2 percent of the excess over $9,100,000 |
Over $10,100,000 |
$1,355,000 plus 16 percent of the excess over $10,100,000 |
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(b) For estates of decedents dying in 2020 and thereafter:
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Amount of Minnesota Taxable Estate new text end |
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Rate of Tax new text end |
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Not over $7,100,000 new text end |
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13 percent new text end |
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Over $7,100,000 but not over $8,100,000 new text end |
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$923,000 plus 13.6 percent of the excess over $7,100,000 new text end |
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Over $8,100,000 but not over $9,100,000 new text end |
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$1,059,000 plus 14.4 percent of the excess over $8,100,000 new text end |
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Over $9,100,000 but not over $10,100,000 new text end |
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$1,203,000 plus 15.2 percent of the excess over $9,100,000 new text end |
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Over $10,100,000 but not over $11,100,000 new text end |
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$1,355,000 plus 16 percent of the excess over $10,100,000 new text end |
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Over $11,100,000 new text end |
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$1,515,000 plus 16.8 percent of the excess over $11,100,000 new text end |
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This section is effective for estates of decedents dying in 2020
and thereafter.
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