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 new provisions allowing personal representatives of decedents' estates to elect portability, enabling surviving spouses to utilize the deceased spouse's unused exclusion amount. The 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 law remains current and effective.

Key amendments include the addition of a new subdivision in section 289A.10, which outlines the process for electing portability, and a new subdivision in section 289A.12 that allows for the filing of a return even when not required, to facilitate the same portability election. The bill also modifies section 291.016 to clarify the subtraction amounts applicable to the Minnesota taxable estate, particularly for surviving spouses, and updates section 291.03 regarding the computation of the tax amount. 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