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Chair lays over bill to phase out Minnesota estate tax after hours of testimony
Summary
Chair Davids introduced House File 170 to phase out the state estate tax over several years; committee members and witnesses, including the Minnesota Farm Bureau Federation, testified. The committee laid the bill over for possible inclusion in the omnibus tax bill.
House File 170, a proposal to phase out Minnesota's estate tax, was laid over by the House Taxes Committee on Oct. 12 after extended discussion and several witnesses.
Chair Davids, who introduced the measure, described the proposal as a phased reduction of estate tax rates to zero over roughly 7–10 years. He emphasized concerns about heirs being taxed after an individual's lifetime of taxed earnings and said the bill’s cost was estimated in committee documents at roughly $200 million in the outyears. House Research staff clarified details of current exemptions: the record cited a $3 million general exclusion and an additional $2 million qualified farm and small-business subtraction, creating a $5 million…
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