Bill > HB46

This bill amends Kentucky Revised Statute (KRS) 140.080 to exempt "Class B beneficiaries" from inheritance tax on property received from a deceased person who dies on or after January 1, 2027. Class B beneficiaries are defined in KRS 140.070 and generally include individuals who are not closely related to the deceased, such as siblings, nieces, nephews, and friends. Currently, Class B beneficiaries receive a limited exemption of $1,000, but this bill proposes to exempt their entire inheritable interest, meaning they would not pay any inheritance tax on what they inherit, provided the decedent died on or after the specified date. This change aims to provide a broader inheritance tax exemption for a wider range of beneficiaries in the future.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb46.html