Federal estate tax exclusion amount conformation

SF 1942 updates Minnesota's estate tax rules to match current federal exclusion amounts. It amends statutes to set a $3,000,000 exclusion threshold for estates of decedents dying in 2020 and later, aligning Minnesota's tax requirement with federal law. This means Minnesota estate tax returns are now required only when an estate exceeds $3 million (compared to lower thresholds previously). The bill directly affects estates valued above this threshold, particularly larger estates of decedents dying after 2024. It simplifies tax filing by ensuring Minnesota's rules follow federal changes without creating new tax rates or policies.