HB 389/FN (BR 506) - H. Moberly, C. Hoffman, J. Lee, J. Vincent
AN ACT relating to inheritance tax.
Amend KRS 140.070, relating to taxation of property transfers, to change great-grandchildren, great-great-granchildren, daughters-in-law, and sons-in-law from Class B beneficiaries to Class A beneficiaries; amend KRS 140.160 to eliminate the requirement of the filing of an inheritance and estate tax return when the entire estate passes to Class A beneficiaries, except when a federal estate tax return is required to be filed by the estate; amend KRS 140.190 to delete the inheritance tax lien provisions attached to a decedent's property at death except for real property passing to Class B and C beneficiaries; amend KRS 140.240 to eliminate the need for inheritance tax lien releases to be issued upon the advance payment of tax except for real property passing to Class B and C beneficiaries; amend KRS 140.250 to eliminate the need for inventory safe deposit boxes and to eliminate the need for an entity to require prior approval of the cabinet to transfer intangible property belonging to a decedent as long as the entity sends the cabinet a notice of the transfer if the amount is over $10,000 and is passing to a Class B or C beneficiary; amend KRS 140.260 to eliminate the requirement for insurance companies to notify the cabinet of the payment of insurance to a beneficiary except when the payment is $10,000 or more and payable to the estate or equivalent; amend KRS 140.265 to eliminate the requirement of insurance companies and employers of providing notice of payment of profit sharing plans except when the amount exceeds $25,000 and is payable to a Class B or C beneficiary; amend KRS 140.152, 140.990, 289.391, and 395.605 to conform; repeal KRS 140.064, 140.151, 140.300, 140.310, 140.320, 140.330, 140.340, 140.350, and 140.360.
HB 389 - AMENDMENTS
HCA (1, H. Moberly) - Retain provisions of the original bill except delete Section 8, amending KRS 140.152, and add KRS 140.152 to the sections being repealed.
SCA (1, B. Bailey) - Retain provisions of original bill and move the remainder of the Class B beneficiaries to Class A and delete all references to Class B beneficiaries.
Jan 22-introduced in House
Jan 23-to Appropriations and Revenue (H); posted in committee
Jan 27-reported favorably, 1st reading, to Calendar with Committee Amendment (1)
Jan 28-2nd reading, to Rules
Jan 29-posted for passage in the Regular Orders of the Day for February 2, 1998
Feb 2-3rd reading, passed 95-0 with Committee Amendment (1)
Feb 3-received in Senate
Feb 4-to Appropriations and Revenue (S)
Feb 19-reported favorably, 1st reading, to Consent Calendar with Committee Amendment (1)
Feb 20-2nd reading, to Rules
Feb 23-posted for passage in the Consent Orders of the Day for February 24, 1998
Feb 24-3rd reading, passed 38-0 with Committee Amendment (1)
Feb 25-received in House; posted for passage for concurrence in Senate Committee Amendment (1)