Current through Register Vol. 49, No. 8, August 19, 2024
(a) The estate of a nonresident decedent that is subject to tax under this chapter on the value of Minnesota situs property held in a pass-through entity is allowed a credit against the tax due under section 291.03 equal to the lesser of:(1) the amount of estate or inheritance tax paid to another state that is attributable to the Minnesota situs property held in the pass-through entity; or(2) the amount of tax due under section 291.03 attributable to the Minnesota situs property held in the pass-through entity.(b) The amount of tax attributable to the Minnesota situs property held in the pass-through entity must be determined by the increase in the estate or inheritance tax that results from including the market value of the property in the estate or treating the value as a taxable inheritance to the recipient of the property.2014 c 150 art 3 s 7; 2014 c 308 art 4 s 19; 2016 c 158 art 1 s 161
Amended by 2016 Minn. Laws, ch. 158,s 1-161, eff. 8/1/2016.Amended by 2014 Minn. Laws, ch. 308,s 4-19, eff. 8/1/2014, retroactive.Added by 2014 Minn. Laws, ch. 150,s 3-7, eff. 3/22/2014.