This bill amends Minnesota estate tax laws by increasing the exclusion amount from the taxable estate for decedents dying after December 31, 2025. Specifically, it raises the exclusion from previous amounts, which varied by year, to a flat $4,000,000 for estates of decedents dying in 2026 and thereafter. Additionally, the bill modifies the subtraction allowed in computing the Minnesota taxable estate, increasing the limit for qualified small business and farm property from $5,000,000 to $6,000,000.

The bill also makes conforming changes to various sections of the Minnesota Statutes, including the requirement for personal representatives to submit estate tax returns and the computation of tax amounts based on the Minnesota taxable estate. The effective date for these changes is set for estates of decedents dying after December 31, 2025, with the tax computation section becoming effective the day following final enactment.

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