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 allows personal representatives of estates not required to file a return to also file for portability, ensuring that surviving spouses can benefit from the exclusion amount even in cases where no return is mandated.

The bill also makes technical changes and removes obsolete provisions, including updates to the thresholds for estate tax returns and the subtraction amounts for computing the Minnesota taxable estate. Notably, it establishes new exclusion amounts for decedents dying after December 31, 2024, and clarifies the calculation of the Minnesota taxable estate for surviving spouses. 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