Amount excluded from the Minnesota taxable estate increased, and conforming changes made.

This bill increases the amount of property value that can be excluded from Minnesota estate taxes to $4 million for estates of people who die after December 31, 2025. It directly affects Minnesota residents who own property located in the state and are required to file an estate tax return. The law raises the threshold for when a return must be filed and adjusts the tax calculation to allow for a larger subtraction from the taxable estate. These changes align Minnesota's estate tax rules with updated federal standards and apply to estates of decedents dying after the end of 2025.