Minnesota HF2045 increases the general subtraction amount and the combined cap on subtractions for qualified small business and farm property.

Minnesota HF2045 amends the state's estate tax laws by increasing the general subtraction amount and the combined cap on subtractions for qualified small business and farm property. The bill specifies that the subtraction for qualified small business and farm property cannot exceed $5,000,000. It also adjusts the exclusion amounts for the year of death, setting them at $2,100,000 for decedents dying in 2017, $2,400,000 for those dying in 2018, $2,700,000 for those dying in 2019, and $3,000,000 for those dying in 2020 and thereafter.

Minnesota HF2045 increases the general subtraction amount and the combined cap on subtractions for qualified small business and farm property.

Minnesota HF2045 amends the state's estate tax laws by increasing the general subtraction amount and the combined cap on subtractions for qualified small business and farm property. The bill specifies that the subtraction for qualified small business and farm property cannot exceed $5,000,000. It also adjusts the exclusion amounts for the year of death, setting them at $2,100,000 for decedents dying in 2017, $2,400,000 for those dying in 2018, $2,700,000 for those dying in 2019, and $3,000,000 for those dying in 2020 and thereafter.