SF 76

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to estate tax; exempting certain estates of
decedents; proposing coding for new law in Minnesota
Statutes, chapter 291.

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

Section 1.

new text begin [291.025] EXEMPTION.
new text end

new text begin The estate of a decedent is exempt from the tax imposed by
this chapter if all of the following conditions are met:
new text end

new text begin (1) an amount equal to at least 20 percent of the value of
the Minnesota gross estate meets the requirements of a
deductible charitable transfer under section 2055 of the
Internal Revenue Code, as amended through December 31, 2004;
new text end

new text begin (2) the decedent's Minnesota income tax for the tax year
prior to the year of the decedent's death was equal to or
greater than five percent of the decedent's federal taxable
income for the tax year prior to the year of the decedent's
death; and
new text end

new text begin (3) the estate files with the commissioner a return that
meets the requirements of sections 289A.10, 289A.18, and 289A.19.
new 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, 2004, and before January 1,
2011.
new text end