Minnesota bill removes obsolete estate tax provisions and introduces portability for unused spousal exclusion amounts.

The bill amends Minnesota estate tax laws by removing obsolete provisions and introducing the portability of unused spousal exclusion amounts. It updates the tax rates and exclusion amounts for estates of decedents dying in 2018 and thereafter. The bill also allows a surviving spouse to take into account the deceased spouse's unused exclusion amount, with the election being irrevocable. This change is effective for estates of decedents dying after June 30, 2025.

Minnesota bill removes obsolete estate tax provisions and introduces portability for unused spousal exclusion amounts.

The bill amends Minnesota estate tax laws by removing obsolete provisions and introducing the portability of unused spousal exclusion amounts. It updates the tax rates and exclusion amounts for estates of decedents dying in 2018 and thereafter. The bill also allows a surviving spouse to take into account the deceased spouse's unused exclusion amount, with the election being irrevocable. This change is effective for estates of decedents dying after June 30, 2025.