AI Generated Summary
Senate Bill No. 953 proposes a gradual elimination of Minnesota's estate tax over a ten-year period, starting from July 1, 2025. Each year, the tax rates and the additional amounts charged at higher estate value brackets will be decreased by specific percentages until both are reduced to zero. This phaseout aims to eventually terminate all estate taxes imposed by the state.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 02, 2025 | House | Floor | Action | Introduction and first reading | |
| February 02, 2025 | Senate | Floor | Action | Introduction and first reading | |
| February 02, 2025 | House | Floor | Action | Referred to | Taxes |
| February 02, 2025 | Senate | Floor | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"A structured phaseout schedule reducing tax rates by 1.6 percentage points annually."
],
"removed": [
""
],
"summary": "This bill provides for a ten-year phaseout of the estate tax under section 291.03 subdivision 1.",
"modified": [
"Reduction in estate tax rates and adjustments to tax brackets from 2025 to 2034."
]
},
"citation": "291.03",
"subdivision": "subdivision 1"
}
]