Minnesota bill aligns state estate tax exclusion with federal amounts.

The bill amends Minnesota estate tax laws to conform the state's estate tax exclusion with the federal estate tax exclusion amount. It specifies that a subtraction is allowed in computing the Minnesota taxable estate, equal to the decedent's applicable federal exclusion amount. The bill also details specific exclusion amounts for estates of decedents dying in different years, ranging from $2,100,000 for 2017 to $3,000,000 for 2020 and thereafter. The changes are effective for estates of decedents dying after December 31, 2024.

Minnesota bill aligns state estate tax exclusion with federal amounts.

The bill amends Minnesota estate tax laws to conform the state's estate tax exclusion with the federal estate tax exclusion amount. It specifies that a subtraction is allowed in computing the Minnesota taxable estate, equal to the decedent's applicable federal exclusion amount. The bill also details specific exclusion amounts for estates of decedents dying in different years, ranging from $2,100,000 for 2017 to $3,000,000 for 2020 and thereafter. The changes are effective for estates of decedents dying after December 31, 2024.