Bill > HB575

This bill amends Kentucky Revised Statute (KRS) 140.090, which outlines deductions allowed when calculating an inheritance tax, a tax levied on the value of property inherited by beneficiaries. Specifically, it increases the maximum amount that can be deducted for funeral, monument, and cemetery lot maintenance expenses. For individuals who die before August 1, 2026, the deduction remains capped at $5,000, but for those whose date of death is on or after August 1, 2026, this deduction limit will be raised to $10,000, meaning more of these costs can be subtracted from the taxable value of the inherited estate.

Budget and Finance

https://apps.legislature.ky.gov/record/26RS/hb575.html