This bill amends various sections of the Minnesota Statutes related to estate taxation, primarily focusing on the portability of the estate tax exclusion and the removal of obsolete provisions. It introduces a new subdivision in section 289A.10 that allows a personal representative of a decedent's estate to elect for the surviving spouse to utilize the deceased spousal unused exclusion amount. This election is irrevocable and is deemed to occur unless explicitly stated otherwise on the estate tax return. Additionally, a new subdivision in section 289A.12 permits personal representatives of estates not required to file a return to also elect for portability, effective for estates of decedents dying after June 30, 2025.

The bill also updates the subtraction amounts in section 291.016 for computing the Minnesota taxable estate, allowing for a deceased spousal unused exclusion amount for surviving spouses. The effective date for these changes is set for estates of decedents dying after June 30, 2025, with some provisions taking effect the day following final enactment. Furthermore, the bill removes outdated exclusion amounts for decedents dying in previous years and clarifies the tax computation process in section 291.03. Overall, the bill aims to modernize estate tax provisions and enhance the benefits available to surviving spouses.

Statutes affected:
Introduction: 289A.10, 289A.12, 291.016, 291.03