Minnesota taxable estate amount increased exclusion provision

This bill increases the amount of property value that can be excluded from Minnesota estate tax calculations to $4 million for estates of people who die on or after January 1, 2026. The change directly affects individuals in Minnesota who own property located in the state and are required to file an estate tax return. The bill updates the filing threshold to $4 million and adjusts the tax rate schedule to reflect this higher exclusion amount. Additionally, it modifies the calculation for small business and farm property deductions to align with the new exclusion limit. These provisions aim to reduce the taxable estate for more families while maintaining the existing tax structure for larger estates.