The bill amends various sections of the Minnesota Statutes related to estate taxation, primarily focusing on the portability of the estate tax exclusion and the removal of obsolete provisions. It introduces a new subdivision in section 289A.10 that allows a personal representative of a decedent's estate to elect for the surviving spouse to utilize the deceased spousal unused exclusion amount. This election is irrevocable and is deemed to occur unless explicitly stated otherwise on the return. Additionally, a new subdivision in section 289A.12 permits personal representatives of estates not required to file a return to also file for the portability of the exclusion amount.

The bill also revises the subtraction calculations in section 291.016, allowing for an additional subtraction for surviving spouses based on the deceased spousal unused exclusion amount. It updates the tax computation method in section 291.03, ensuring that the tax is calculated based on the Minnesota taxable estate. The effective dates for these changes vary, with some provisions taking effect immediately after final enactment and others applicable for estates of decedents dying after June 30, 2025.

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