General estate tax subtraction amount increase; combined cap on the subtractions for qualified small business property and qualified farm property increase

This bill increases Minnesota's estate tax threshold to $6 million for estates of decedents dying on or after July 1, 2025, meaning estates below this value won't owe state estate tax. It also raises the combined cap on deductions for qualified small business and farm property from $5 million to a higher amount (specified as $5 million in the current text, but the bill explicitly increases the cap). These changes directly affect Minnesota estates where the decedent owned qualifying small businesses or farmland, reducing their taxable estate value. The bill amends Minnesota Statutes sections 289A.10 and 291.016 to implement these adjustments.