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S.F. No. 837 - Delayed Three-Year Look-Back Period for Taxable Gifts Included in the Taxable Estate
 
Author: Senator Ann H. Rest
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 16, 2015



 

This bill delays the look-back period for which taxable gifts are included in the taxable estate.  Under current law, taxable gifts made within three years of death are included in the taxable estate.  This provision became effective for taxable gifts made after June 30, 2013.  This bill would delay the look-back requirement and apply it beginning with decedents dying after June 30, 2016.  Estates that have made an overpayment of estate tax resulting from the proposed delay in the look-back period may file a claim for a refund.  

Section

Provision

1

Modifies the look-back period for taxable gifts that must be added to the Minnesota taxable estate.  The look-back period would apply for decedents dying after June 30, 2016 and is retroactive to decedents dying after June 30, 2013. 
 

2

Amends 2014 session law to apply to estates of decedents dying after June 30, 2013.  Under the 2014 law, language requiring the taxable estate to include the amount of taxable gifts made within three years of the decedent's date of death was repealed and added to another section of law.  This section clarifies that the repeal is effective for the look-back period proposed in the bill.  
 

3

Allows estates that have made overpayments of estate tax resulting from the changes allowed under the bill to file an amended return to claim a refund. 
 

4

Appropriates a sufficient amount from the general fund to pay the refunds authorized under section 3.
 

5

Repeals the temporary definition in 2014 session law of “taxable gift” that applied to decedents dying before January 1, 2014.  This language would no longer be necessary given the changes proposed in sections 1 and 2.  

 
 
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