The Minnesota House of Representatives has passed a bill that would gradually raise the threshold of wealth subject to State estate taxes over a three year period. Under current Minnesota law, estates worth more than $2 million are subject to the estate tax, the bill that was passed would raise that threshold to $5 million. The Heritage Foundation, which is one of the groups advocating for this legislation, would eventually like to see the State estate tax done away with entirely.
See Warner Todd Huston, Minnesota House Passes Death Tax Reform, May 28, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
