This bill amends Minnesota Statutes to align the state's estate tax laws with the federal estate tax exclusion amount. Specifically, it modifies section 289A.10, subdivision 1, to require personal representatives of decedents with property in Minnesota to submit an estate tax return if the federal gross estate and adjusted taxable gifts exceed the federal exclusion amount, which will be effective for estates of decedents dying after December 31, 2024. The previous specific exclusion amounts for decedents dying in 2014 through 2020 have been removed, simplifying the requirement to reference the applicable federal exclusion amount.

Additionally, the bill amends section 291.016, subdivision 3, to allow a subtraction in computing the Minnesota taxable estate equal to the decedent's applicable federal exclusion amount. The previous specific exclusion amounts for decedents dying from 2017 to 2020 have also been deleted, and the effective date for these changes is set for estates of decedents dying after December 31, 2024. This legislation aims to streamline the estate tax process in Minnesota by conforming to federal standards.

Statutes affected:
Introduction: 289A.10, 291.016