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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. 554 - Increased Subtraction for Qualified Small Business and Qualified Farm Property
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Author:
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Senator Rod Skoe
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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 16, 2015
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This bill increases the subtraction amount for purposes of the qualified small business and qualified farm property subtraction. Effective the day following final enactment.
Section
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Provision
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1
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Paragraph (a) retains the $1.2 million current law exclusion amount for the Minnesota taxable estate for decedents dying in 2014. The lesser of $5 million - $1.2 million, or the value of qualified small business and qualified farm property may be subtracted for purposes of calculating the Minnesota taxable estate.
Paragraph (b) increases the amount from which the exclusion is subtracted from $5 million to $5.43 million, beginning with estates of decedents dying in 2015. The $5.43 million amount is the federal estate tax exclusion for 2015 (reflecting the annual inflation adjustment of the $5 million exclusion). As under current law, the exclusion amount is increased by $200,000 per year until 2018, when the exclusion amount reaches $2 million.
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Check on the status of this bill
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Last review or update: 03/16/2015
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