SF938

Senate Bill 938 is a proposed law in Minnesota focusing on estate taxation. The main change in this bill is to increase the exemption amount for Minnesota's estate tax. This means, starting from the year 2020, the threshold at which estate tax begins to be owed for a deceased person's estate would rise from $3,000,000 to $6,000,000. Essentially, if the total value of the estate at the time of death exceeds this new amount, only then would a Minnesota estate tax return need to be filed. The bill adjusts previously set exemption amounts for earlier years and outlines the requirements for the estate tax return process.