Minnesota Legislature
HF 1039
as introduced - 89th Legislature (2015 - 2016) Posted on 02/26/2015 05:21pm
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A bill for an act
relating to taxation; estate; extending the date after which certain taxable gifts
are included in the Minnesota taxable estate; appropriating money; amending
Minnesota Statutes 2014, section 291.016, subdivision 2; Laws 2014, chapter
150, article 3, section 3; repealing Laws 2014, chapter 308, article 4, section 21.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 291.016, subdivision 2, is amended to read:
Subd. 2.
Additions.
The following amounts, to the extent deducted in computing
the federal taxable estate, must be added in computing the Minnesota taxable estate:
(1) the amount of the deduction for state death taxes allowed under section 2058 of
the Internal Revenue Code;
(2) the amount of the deduction for foreign death taxes allowed under section
2053(d) of the Internal Revenue Code; and
(3) new text begin for decedents dying after June 30, 2016, new text end the aggregate amount of taxable gifts as
defined in section 2503 of the Internal Revenue Code, made by the decedent within three
years of the date of death. For purposes of this clause, the amount of the addition equals
the value of the gift under section 2512 of the Internal Revenue Code and excludes any
value of the gift included in the federal estate.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for estates of decedents
dying after December 31, 2013.
new text end
Sec. 2.
Laws 2014, chapter 150, article 3, section 3, the effective date, is amended to
read:
EFFECTIVE DATE.
This section is effective retroactively for estates of decedents
dying after December 31, 2013new text begin , except that the repeal of clause (4), item (ii), is effective
retroactively for estates of decedents dying after June 30, 2013new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 3. new text begin AMENDED RETURNS.
new text end
new text begin
Estates that have made an overpayment of tax resulting from the changes made
in this act may file an amended return and, if applicable, a claim for refund with the
commissioner of revenue pursuant to the requirements of Minnesota Statutes, sections
289A.40 and 289A.50.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 4. new text begin APPROPRIATION.
new text end
new text begin
An amount sufficient to pay refunds resulting from the changes made under this act
is appropriated from the general fund to the commissioner of revenue.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 5. new text begin REPEALER.
new text end
new text begin
Laws 2014, chapter 308, article 4, section 21,
new text end
new text begin
is 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 June 30, 2013.
new text end