Minnesota SF2253 increases the general estate tax subtraction amount and the cap on qualified small business and farm property subtractions.

Minnesota SF2253 amends estate tax laws by increasing the general estate tax subtraction amount for estates of decedents dying after June 30, 2025. The bill also raises the combined cap on subtractions for qualified small business property and qualified farm property to $6,000,000. This change affects estates of decedents by potentially reducing the taxable estate amount, thereby lowering the estate tax liability.

Minnesota SF2253 increases the general estate tax subtraction amount and the cap on qualified small business and farm property subtractions.

Minnesota SF2253 amends estate tax laws by increasing the general estate tax subtraction amount for estates of decedents dying after June 30, 2025. The bill also raises the combined cap on subtractions for qualified small business property and qualified farm property to $6,000,000. This change affects estates of decedents by potentially reducing the taxable estate amount, thereby lowering the estate tax liability.