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, by removing the specific exclusion amounts for decedents dying in previous years and instead establishing a requirement for a Minnesota estate tax return if the decedent's property exceeds the federal gross estate threshold. The bill also introduces a new effective date, stating that these changes will apply to estates of decedents dying after December 31, 2024.

Additionally, the bill revises section 291.016, subdivision 3, by eliminating the previous exclusion amounts for decedents dying after December 31, 2016, and instead allowing a subtraction equal to the decedent's applicable federal exclusion amount. This change also includes a new effective date, which aligns with the previous section, indicating that it will take effect for estates of decedents dying after December 31, 2024. Overall, the bill aims to simplify and modernize the estate tax process in Minnesota.

Statutes affected:
Introduction: 289A.10, 291.016