Changes to Minnesota Estate Tax for 2017 and Beyond
Roben Hunter, Hunter Advisors, PLLC
Aug 1, 2017
The Minnesota State legislature has changed the estate tax exemption for 2017 and beyond. The old law states that Minnesota estates that were valued at over $1.8 million dollars had to file an estate state tax return in Minnesota, with the potential payments to the State at an estate tax rate of 16%. Under the new tax bill that was enacted, the exemption amount for 2017 was retroactively adjusted back to January 1, 2017 to $2.1 million dollars. The exemption amount is targeted for $2.4 million in 2018, $2.7 million in 2019 and $3 million dollars for years beginning January 1, 2020 and beyond.