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 a Minnesota estate tax return for decedents with property in Minnesota if their estate exceeds the federal gross estate and adjusted taxable gifts threshold, which is set to $3,000,000 for estates of decedents dying after December 31, 2024. The bill also removes previous specific exclusion amounts for decedents dying in 2014 through 2020, streamlining the requirements for filing.

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, effective for estates of decedents dying after December 31, 2024. The previous exclusion amounts for decedents dying from 2017 to 2020 have been deleted, further simplifying the tax calculation process. Overall, these changes aim to modernize the estate tax framework in Minnesota and ensure consistency with federal regulations.

Statutes affected:
Introduction: 289A.10, 291.016