Minnesota § 291.031 - CREDIT
Full text of Minnesota Minnesota Statutes § 291.031 — CREDIT, with citation guidance and answers to common questions.
§ 291.031. CREDIT
(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.
History:
2014 c 150 art 3 s 7; 2014 c 308 art 4 s 19; 2016 c 158 art 1 s 161
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 291.031
What does Minnesota Statutes § 291.031 cover?
Section 291.031 ("CREDIT") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 291.031?
A common citation format is "Minnesota Statutes § 291.031" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 291.031 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.