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Minnesota Gift Tax Repealed


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3/24/2014
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This weekend, the legislature passed, and Governor Dayton signed, a law repealing Minnesota’s short-lived gift tax.

Last May, the Minnesota Legislature passed a gift tax, which was then signed by Governor Dayton. The law went into effect last July 1. When it was signed, Minnesota became only the second state, along with Connecticut, to have a state gift tax.

Now, less than one year later, citing the difficulties and “consternation” of the gift tax, the law has been repealed.

It is important to note that the federal gift tax is still in effect. So while you no longer need to concern yourself with Minnesota’s gift tax, you should still seek competent legal and tax advice before making any gifts so as to comply with the requirements for the federal gift tax.

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