Minnesota Legislature
HF 442
as introduced - 89th Legislature (2015 - 2016) Posted on 03/02/2015 04:46pm
Bill Text Versions
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|---|---|---|
| Introduction | Posted on 01/29/2015 |
Current Version - as introduced
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A bill for an act
relating to estate taxation; establishing a single exclusion amount for the
Minnesota taxable estate; establishing a single rate; eliminating the recapture
tax; making clarifying changes; amending Minnesota Statutes 2014, sections
291.016, subdivision 1; 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; 291.016, subdivision 3; 291.03,
subdivisions 8, 9, 10, 11.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 291.016, subdivision 1, is amended to read:
Subdivision 1.
General.
For purposes of the tax under this chapter, the Minnesota
taxable estate equals the federal taxable estate as provided under section 2051 of the Internal
Revenue Code, without regard to whether the estate is subject to the federal estate tax:
(1) increased by the value of any property in which the decedent had a qualifying
income interest for life and for which an election was made under section 291.03,
subdivision 1d, for Minnesota estate tax purposes, but was not made for federal estate tax
purposes;new text begin and
new text end
(2) increased by the additions under subdivision 2deleted text begin ; and
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deleted text begin (3) decreased by the subtraction under subdivision 3deleted text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for estates of decedents
dying after December 31, 2014.
new text end
Sec. 2.
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):
(a) For estates of decedents dying in 2014:
| Amount of Minnesota Taxable Estate |
Rate of Tax |
| Not over $1,200,000 |
None |
| Over $1,200,000 but not over $1,400,000 |
nine percent of the excess over $1,200,000 |
| Over $1,400,000 but not over $3,600,000 |
$18,000 plus ten percent of the excess over $1,400,000 |
| Over $3,600,000 but not over $4,100,000 |
$238,000 plus 10.4 percent of the excess over $3,600,000 |
| Over $4,100,000 but not over $5,100,000 |
$290,000 plus 11.2 percent of the excess over $4,100,000 |
| Over $5,100,000 but not over $6,100,000 |
$402,000 plus 12 percent of the excess over $5,100,000 |
| Over $6,100,000 but not over $7,100,000 |
$522,000 plus 12.8 percent of the excess over $6,100,000 |
| Over $7,100,000 but not over $8,100,000 |
$650,000 plus 13.6 percent of the excess over $7,100,000 |
| Over $8,100,000 but not over $9,100,000 |
$786,000 plus 14.4 percent of the excess over $8,100,000 |
| Over $9,100,000 but not over $10,100,000 |
$930,000 plus 15.2 percent of the excess over $9,100,000 |
| Over $10,100,000 |
$1,082,000 plus 16 percent of the excess over $10,100,000 |
(b) For estates of decedents dying in 2015new text begin and thereafternew text end :
| Amount of Minnesota Taxable Estate |
Rate of Tax |
| Not over deleted text begin $1,400,000deleted text end new text begin $5,000,000 new text end |
None |
| Over deleted text begin $1,400,000 but not over $3,600,000 deleted text end new text begin $5,000,000 new text end |
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ten percent of the excess over $1,400,000 deleted text end new text begin 16 percent new 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:
deleted 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 $1,600,000 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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|
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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 $2,000,000 deleted text end |
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None deleted 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 |
|
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Over $7,100,000 but not over $8,100,000 deleted text end |
deleted text begin
$645,000 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 |
deleted text begin
$781,000 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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$925,000 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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$1,077,000 plus 16 percent of the excess over $10,100,000 deleted text end |
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for estates of decedents
dying after December 31, 2014.
new text end
Sec. 3. 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; 291.016, subdivision 3; and
291.03, subdivisions 8, 9, 10, and 11,
new text end
new text begin
are repealed.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for estates of decedents
dying after December 31, 2014.
new text end