This bill increases the general Minnesota estate tax exclusion from $1 million to $2 million and decreases the total amount available for the qualified small business property and farm property exclusion from $4 million to $3 million. The estate tax filing requirement is also amended to reflect the $2 million exclusion amount. The bill is effective for decedents dying after December 31, 2012.
Section 1 modifies the filing requirement for estate taxes from $1 million to $2 million.
Section 2 decreases the amount of the exclusion available for qualified small business property and farm property from $4 million to $3 million.
Section 3 changes the reference to the qualified small business property and farm property estate tax exclusion to reflect the $3 million maximum exclusion amount, and provides for a $2 million general estate tax exclusion.
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