Minnesota estate tax rates will phase out over ten years, ending in 2034.
The bill proposes a ten-year phaseout of the Minnesota estate tax, reducing tax rates by 1.6 percentage points annually starting July 1, 2025. This phaseout will continue until the tax rates reach zero. The bill also adjusts the taxable estate brackets to ensure they align with the reduced tax rates. This change will affect estates of decedents dying after June 30, 2025.
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