Estate tax ten-year phaseout provision

SF 953 phases out Minnesota's estate tax over a ten-year period, beginning July 1, 2025, and ending June 30, 2034. The bill gradually reduces tax rates by 1.6 percentage points annually until all rates and bracket amounts reach zero. It directly affects estates of decedents dying after June 30, 2025, by eliminating the state estate tax through these scheduled reductions. The changes apply to Minnesota's tax code as amended in Section 291.03 of the statutes.