HF2045 (Legislative Session 94 (2025-2026))
General subtraction amount increased, and combined cap on the subtractions for qualified small business property and qualified farm property increased.
Related bill: SF2253
AI Generated Summary
This bill proposes changes to Minnesota's estate tax regulations. Specifically, it increases the general subtraction amount and raises the combined cap on subtractions for qualified small business and farm property. The bill amends Minnesota Statutes 2024, Sections 289A.10, Subdivision 1, and 291.016, Subdivision 3.
Key provisions include:
- Requiring a Minnesota estate tax return if a federal estate tax return is needed or if the sum of the federal gross estate and federal adjusted taxable gifts (made within three years of death) exceeds certain thresholds.
- Increasing the taxable estate threshold from $3,000,000 to $6,000,000 for decedents who pass away in 2025 and beyond.
The bill would impact estate tax filings by raising exemption thresholds, potentially reducing estate tax liabilities for eligible estates.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 09, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| March 09, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| March 10, 2025 | House | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill modifies the requirements for filing a Minnesota estate tax return under section 289A.10 subdivision 1.",
"modified": [
"Increases the estate value thresholds for filing requirements."
]
},
"citation": "289A.10",
"subdivision": "subdivision 1"
}
]