Minnesota Legislature
HF 148
as introduced - 89th Legislature (2015 - 2016) Posted on 01/14/2015 02:23pm
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 01/12/2015 |
Current Version - as introduced
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A bill for an act
relating to taxation; estate tax; conforming to the federal exclusion amount;
amending Minnesota Statutes 2014, sections 289A.10, subdivision 1; 291.016,
subdivision 3; 291.03, subdivision 1; repealing Minnesota Statutes 2014, sections
289A.10, subdivision 1a; 289A.12, subdivision 18; 289A.18, subdivision 3a;
289A.20, subdivision 3a; 291.03, subdivisions 8, 9, 10, 11.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 289A.10, subdivision 1, is amended to read:
Subdivision 1.
Return required.
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, ifdeleted text begin :
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deleted text begin (1)deleted text end a federal estate tax return is required to be fileddeleted text begin ; ordeleted text end new text begin .
new text end
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(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 $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;
$1,800,000 for estates of decedents dying in 2017; and $2,000,000 for estates of decedents
dying in 2018 and thereafter.
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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, 2014.
new text end
Sec. 2.
Minnesota Statutes 2014, section 291.016, subdivision 3, is amended to read:
Subd. 3.
Subtraction.
The deleted text begin 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 the amount for the year of death listed in
clauses (1) to (5), whichever is less,deleted text end new text begin decedent's applicable federal exclusion amount under
section 2010(c)(2) of the Internal Revenue Codenew text end may be subtracted in computing the
Minnesota taxable estate but must not reduce the Minnesota taxable estate to less than zerodeleted text begin :
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(1) $1,200,000 for estates of decedents dying in 2014;
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(2) $1,400,000 for estates of decedents dying in 2015;
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(3) $1,600,000 for estates of decedents dying in 2016;
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(4) $1,800,000 for estates of decedents dying in 2017; and
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deleted text begin (5) $2,000,000 for estates of decedents dying in 2018 and thereafterdeleted 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, 2014.
new text end
Sec. 3.
Minnesota Statutes 2014, section 291.03, subdivision 1, is amended to read:
Subdivision 1.
Tax amount.
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):
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(a) For estates of decedents dying in 2014:
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|
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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 $1,200,000 deleted text end |
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None deleted text end |
|
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Over $1,200,000 but not over $1,400,000 deleted text end |
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nine percent of the excess over $1,200,000 deleted text end |
|
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Over $1,400,000 but not over $3,600,000 deleted text end |
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$18,000 plus ten percent of the excess over $1,400,000 deleted text end |
|
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Over $3,600,000 but not over $4,100,000 deleted text end |
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$238,000 plus 10.4 percent of the excess over $3,600,000 deleted text end |
|
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Over $4,100,000 but not over $5,100,000 deleted text end |
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$290,000 plus 11.2 percent of the excess over $4,100,000 deleted text end |
|
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Over $5,100,000 but not over $6,100,000 deleted text end |
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$402,000 plus 12 percent of the excess over $5,100,000 deleted text end |
|
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Over $6,100,000 but not over $7,100,000 deleted text end |
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$522,000 plus 12.8 percent of the excess over $6,100,000 deleted text end |
|
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Over $7,100,000 but not over $8,100,000 deleted text end |
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$650,000 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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$786,000 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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$930,000 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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$1,082,000 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 2015new text begin and thereafternew text end :
|
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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 $1,400,000 deleted text end |
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None deleted text end |
|
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Over $1,400,000 but not over $3,600,000 deleted text end |
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ten percent of the excess over $1,400,000 deleted text end |
|
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Over $3,600,000 but not over $6,100,000 deleted text end |
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$220,000 plus 12 percent of the excess over $3,600,000 deleted text end |
|
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Over $6,100,000 but not over $7,100,000 deleted text end |
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$520,000 plus 12.8 percent of the excess over $6,100,000 deleted text end |
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Over $7,100,000 but not over $8,100,000 deleted text end |
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$648,000 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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$784,000 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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$928,000 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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$1,080,000 plus 16 percent of the excess over $10,100,000 deleted text end |
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(c) For estates of decedents dying in 2016:
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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 $1,600,000 deleted text end |
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None deleted text end |
|
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Over $1,600,000 but not over $2,600,000 deleted text end |
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ten percent of the excess over $1,600,000 deleted text end |
|
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Over $2,600,000 but not over $6,100,000 deleted text end |
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$100,000 plus 12 percent of the excess over $2,600,000 deleted text end |
|
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Over $6,100,000 but not over $7,100,000 deleted text end |
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$520,000 plus 12.8 percent of the excess over $6,100,000 deleted text end |
|
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Over $7,100,000 but not over $8,100,000 deleted text end |
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$648,000 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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$784,000 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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$928,000 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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$1,080,000 plus 16 percent of the excess over $10,100,000 deleted text end |
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(d) For estates of decedents dying in 2017:
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|
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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 $1,800,000 deleted text end |
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None deleted text end |
|
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Over $1,800,000 but not over $2,100,000 deleted text end |
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ten percent of the excess over $1,800,000 deleted text end |
|
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Over $2,100,000 but not over $5,100,000 deleted text end |
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$30,000 plus 12 percent of the excess over $2,100,000 deleted text end |
|
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Over $5,100,000 but not over $7,100,000 deleted text end |
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$390,000 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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$646,000 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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$782,000 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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$926,000 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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$1,078,000 plus 16 percent of the excess over $10,100,000 deleted text end |
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(e) For estates of decedents dying in 2018 and thereafter:
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| Amount of Minnesota Taxable Estate |
Rate of Tax |
| Not over deleted text begin $2,000,000deleted text end new text begin $7,100,000 new text end |
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None
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13 percent new text end |
|
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Over $2,000,000 but not over $2,600,000 deleted text end |
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ten percent of the excess over $2,000,000 deleted text end |
|
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Over $2,600,000 but not over $7,100,000 deleted text end |
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$60,000 plus 13 percent of the excess over $2,600,000 deleted text end |
| Over $7,100,000 but not over $8,100,000 |
deleted text begin $645,000deleted text end new text begin $923,000new text end plus 13.6 percent of the excess over $7,100,000 |
| Over $8,100,000 but not over $9,100,000 |
deleted text begin $781,000deleted text end new text begin $1,059,000new text end plus 14.4 percent of the excess over $8,100,000 |
| Over $9,100,000 but not over $10,100,000 |
deleted text begin $925,000deleted text end new text begin $1,203,000new text end plus 15.2 percent of the excess over $9,100,000 |
| Over $10,100,000 |
deleted text begin $1,077,000deleted text end new text begin $1,355,000new text end plus 16 percent of the excess over $10,100,000 |
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for estates of decedents dying after
December 31, 2014.
new text end
Sec. 4. new text begin REPEALER.
new text end
new text begin
Minnesota Statutes 2014, sections 289A.10, subdivision 1a; 289A.12, subdivision
18; 289A.18, subdivision 3a; 289A.20, subdivision 3a; and 291.03, subdivisions 8, 9,
10, and 11,
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are repealed.
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new text begin EFFECTIVE DATE. new text end
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This section is effective for estates of decedents dying after
December 31, 2014.
new text end