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SF1942 (Legislative Session 94 (2025-2026))

Federal estate tax exclusion amount conformation

Related bill: HF166

AI Generated Summary

This Minnesota Senate bill (S.F. No. 1942) proposes amendments to the state's estate tax regulations to align with the federal estate tax exclusion amount. It modifies Minnesota Statutes 2024, Sections 289A.10, subdivision 1, and 291.016, subdivision 3.

Key points of the bill: - Requires a Minnesota estate tax return if a federal estate tax return is necessary or if the combined federal gross estate and adjusted taxable gifts (made within three years before death) exceed certain threshold amounts. - Updates the estate value thresholds that determine whether a Minnesota estate tax return is required. These thresholds gradually increased from $1.2 million for decedents in 2014 to $3 million for decedents in 2020 and beyond. - The bill ensures that Minnesota conforms to federal estate tax exclusion amounts, potentially reducing estate tax burdens for larger estates. - The personal representative of the estate is responsible for filing the tax return and computing the Minnesota estate tax due.

In summary, the bill aligns Minnesota’s estate tax filing requirements with federal tax law to provide consistency in estate taxation.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 26, 2025HouseFloorActionIntroduction and first reading
February 26, 2025SenateFloorActionIntroduction and first reading
February 26, 2025HouseFloorActionReferred toTaxes
February 26, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill amends the requirements for filing a Minnesota estate tax return under section 289A.10, subdivision 1.",
      "modified": [
        "Updates threshold amounts for filing based on year of decedent's death."
      ]
    },
    "citation": "289A.10",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The legislation modifies the conformity of Minnesota estate tax exclusion with the federal estate tax under section 291.016, subdivision 3.",
      "modified": [
        "Adjusts Minnesota estate tax calculation to align with federal exclusion amounts."
      ]
    },
    "citation": "291.016",
    "subdivision": "subdivision 3"
  }
]

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