SF 2320

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to estate tax; exempting certain estates of 
  1.3             decedents; proposing coding for new law in Minnesota 
  1.4             Statutes, chapter 291. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [291.025] [EXEMPTION.] 
  1.7      The estate of a decedent is exempt from the tax imposed by 
  1.8   this chapter if all of the following conditions are met: 
  1.9      (1) an amount equal to at least 20 percent of the value of 
  1.10  the Minnesota gross estate meets the requirements of a 
  1.11  deductible charitable transfer under section 2055 of the 
  1.12  Internal Revenue Code, as amended through December 31, 2003; 
  1.13     (2) the decedent's Minnesota income tax for the tax year 
  1.14  prior to the year of the decedent's death was equal to or 
  1.15  greater than five percent of the decedent's federal taxable 
  1.16  income for the tax year prior to the year of the decedent's 
  1.17  death; and 
  1.18     (3) the estate files with the commissioner a return that 
  1.19  meets the requirements of sections 289A.10, 289A.18, and 289A.19.
  1.20     [EFFECTIVE DATE.] This section is effective for estates of 
  1.21  decedents dying after December 31, 2003, and before January 1, 
  1.22  2011.