Minnesota HF1357 amends income tax laws to include deemed capital gains on certain assets of a decedent.

Minnesota HF1357 amends the state's income tax laws by adding a new subdivision to section 290.0131, requiring an addition for nontaxed capital gains exceeding $1,000,000. The bill also modifies section 289A.19 to define nontaxed capital gains as the sum of gains on each nontaxed capital asset owned by a taxpayer at the time of death. The changes are effective for taxable years beginning after December 31, 2025.

Minnesota HF1357 amends income tax laws to include deemed capital gains on certain assets of a decedent.

Minnesota HF1357 amends the state's income tax laws by adding a new subdivision to section 290.0131, requiring an addition for nontaxed capital gains exceeding $1,000,000. The bill also modifies section 289A.19 to define nontaxed capital gains as the sum of gains on each nontaxed capital asset owned by a taxpayer at the time of death. The changes are effective for taxable years beginning after December 31, 2025.