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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 2404 - Qualified Farm and Small Business Properties Estate Tax Provisions Modification
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Author:
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Senator Roger C. Chamberlain
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Prepared By:
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Nora Pollock, Senate Counsel (651/297-8066)
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Date:
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March 19, 2012
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Current law requires that qualified farm and small business property be continuously owned by the decedent for the three-year requirement prior to the decedent’s death.
Section 1 eliminates the three-year requirement for qualified small business property and requires that the property be owned by the decedent on the decedent’s date of death.
Section 2 eliminates the three-year requirement for qualified farm property and requires that the property be owned by the decedent on the decedent’s date of death.
NBP:dv
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Last review or update: 03/19/2012
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