This bill amends various sections of the Minnesota Statutes related to estate taxation, specifically addressing the portability of the deceased spousal unused exclusion amount. It introduces a new provision allowing personal representatives of decedents' estates to elect portability, enabling a surviving spouse to utilize the deceased spouse's unused exclusion amount. This election is irrevocable and is deemed to occur unless explicitly stated otherwise on the estate tax return. Additionally, the bill includes technical changes and removes obsolete provisions, ensuring that the estate tax return requirements are clear and up-to-date.

Key amendments include the addition of a subdivision in section 289A.10 that outlines the election of portability, as well as a new subdivision in section 289A.12 for estates not required to file a return. The bill also modifies section 291.016 to clarify the subtraction allowed in computing the Minnesota taxable estate, particularly for surviving spouses. Furthermore, it updates the tax computation method in section 291.03. The effective dates for these changes vary, with some provisions taking effect immediately upon final enactment and others applicable to estates of decedents dying after December 31, 2024.

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