SF30 (Legislative Session 94 (2025-2026))
Obsolete provisions removal and portability provision of the estate tax exclusion
Related bill: HF1718
AI Generated Summary
The bill being introduced is concerned with the state of Minnesota's rules on estate taxation. It aims to update and remove outdated elements and introduce a provision that allows for the transferability of the estate tax exemption between spouses, which isn’t specified in the text you provided but is generally what "portability" refers to in estate tax context.
Moreover, the bill revises the requirements for when an estate tax return needs to be filed in Minnesota. Specifically, it states that a return is necessary if either a federal estate tax return must be submitted or the total of the decedent’s federal gross estate and taxable gifts within three years of their death exceeds certain specified amounts. These amounts increase over time: starting at $1.2 million for deaths in 2014 up to $3 million for 2020 and thereafter. This change adjusts the thresholds over time to reflect different values of estates and potentially other factors like inflation.
The bill includes technical details specifying how the tax return should be submitted and signed by the estate's personal representative.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| January 15, 2025 | Senate | Floor | Action | Introduction and first reading | |
| January 15, 2025 | House | Floor | Action | Introduction and first reading | |
| January 15, 2025 | House | Floor | Action | Referred to | Taxes |
| January 15, 2025 | Senate | Floor | Action | Referred to | Taxes |
| January 22, 2025 | Senate | Floor | Action | Authors added | |
| January 22, 2025 | House | Floor | Action | Authors added | |
| January 22, 2025 | Senate | Floor | Action | Authors added | |
| January 22, 2025 | Senate | Floor | Action | Authors added | |
| February 02, 2025 | Senate | Floor | Action | Author added | |
| February 02, 2025 | House | Floor | Action | Author added | |
| February 02, 2025 | Senate | Floor | Action | Author added | |
| February 02, 2025 | Senate | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"Clarifies conditions under which a return is required based on the federal estate tax return."
],
"removed": [],
"summary": "This bill modifies the requirement for filing a Minnesota estate tax return under section 289A.10 subdivision 1.",
"modified": [
"Updates threshold amounts for estate tax reporting for various years up to 2020 and thereafter."
]
},
"citation": "289A.10",
"subdivision": "subdivision 1"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This section makes changes to the determination of the Minnesota estate tax exclusion portability.",
"modified": [
"Adjusts language concerning property interests as related to the Minnesota estate tax."
]
},
"citation": "291.016",
"subdivision": "subdivision 3"
},
{
"analysis": {
"added": [],
"removed": [
"Eliminates outdated provisions related to previous estate tax calculations."
],
"summary": "This section modifies provisions regarding Minnesota estate tax rates.",
"modified": [
"Alters existing rates and calculations for the application of the estate tax."
]
},
"citation": "291.03",
"subdivision": "subdivision 1"
}
]