Minnesota SF1942 updates state estate tax exclusion amounts to match federal exclusions.

Minnesota SF1942 amends state statutes to align Minnesota estate tax exclusion amounts with federal exclusions for decedents dying after December 31, 2016. The bill specifies exclusion amounts for each year from 2017 to 2020 and sets a $3,000,000 exclusion for decedents dying in 2020 and thereafter. It also ensures that the subtraction under this subdivision does not reduce the Minnesota taxable estate to less than zero. This change affects estates of decedents and requires personal representatives to submit a Minnesota estate tax return under certain conditions.

Minnesota SF1942 updates state estate tax exclusion amounts to match federal exclusions.

Minnesota SF1942 amends state statutes to align Minnesota estate tax exclusion amounts with federal exclusions for decedents dying after December 31, 2016. The bill specifies exclusion amounts for each year from 2017 to 2020 and sets a $3,000,000 exclusion for decedents dying in 2020 and thereafter. It also ensures that the subtraction under this subdivision does not reduce the Minnesota taxable estate to less than zero. This change affects estates of decedents and requires personal representatives to submit a Minnesota estate tax return under certain conditions.