Minnesota SF938 increases the general subtraction amount for estate tax purposes.

Minnesota SF938 amends the state's estate tax laws by increasing the general subtraction amount. This change applies to estates of decedents who die after June 30, 2025. The bill modifies the exclusion amounts for different years, setting a higher baseline subtraction amount of $6,000,000 for estates of decedents dying after December 31, 2016. The subtraction amount is the sum of the exclusion amount for the year of death and the lesser of the value of qualified small business property or $5,000,000 minus the exclusion amount.

Minnesota SF938 increases the general subtraction amount for estate tax purposes.

Minnesota SF938 amends the state's estate tax laws by increasing the general subtraction amount. This change applies to estates of decedents who die after June 30, 2025. The bill modifies the exclusion amounts for different years, setting a higher baseline subtraction amount of $6,000,000 for estates of decedents dying after December 31, 2016. The subtraction amount is the sum of the exclusion amount for the year of death and the lesser of the value of qualified small business property or $5,000,000 minus the exclusion amount.