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H.B. 13 VETOES
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(6) A STEPPARENT OR STEPCHILD OF THE DECEDENT;
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(7) A BROTHER OR SISTER OF THE DECEDENT; OR
(7) (8) A CORPORATION IF ALL OF ITS STOCKHOLDERS CONSIST OF
THE SURVIVING SPOUSE, PARENTS, STEPPARENTS. STEPCHILDREN, BROTHERS,
SISTERS, AND LINEAL DESCENDANTS OF THE DECEDENT AND SPOUSES OF THE
LINEAL DESCENDANTS.
The inheritance tax does not apply to the receipt of property that passes
from a decedent to or for the use of the surviving spouse of the decedent and is:
(1) an interest in property that is held in the name of the decedent and
the surviving spouse and passes by right of survivorship;
(2) real property, including leasehold property; or
(3) the first $100,000 of property other than:
(i) real property, including leasehold property; or
(ii) an interest in property that passes by right of survivorship.]
7-204.
(a) In this section, "clear value" means fair market value minus expenses.
(b) Except as provided in [subsections (e) and (e)] SUBSECTION (D) of this
section, the THE inheritance tax rate is 10% of the clear value of the property that
passes from a decedent.
[(c) The inheritance tax rate is 0.9% of the clear value of:
(1) the property that passes from a decedent to or for the use of:
(i) a grandparent of the decedent;
(ii) a parent of the decedent;
(iii) a spouse of the decedent;
(iv) a child or other lineal descendant of the decedent;
(v) a stepparent or stepchild of the decedent; or
(vi) a corporation if all of its stockholders consist of the surviving
spouse, parents, stepparents, stepchildren, and lineal descendants of the decedent,
and spouses of the lineal descendants; and
(2) the first $2,000 that passes from the decedent, by survivorship, to a
spouse of a lineal descendant of the decedent from savings accounts that the decedent
and spouse of the lineal descendant held jointly.]
[(d)] (C) If a decedent died on or before May 31, 1975, the rate of the
inheritance tax is the rate in effect on the date of the decedent's death.
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- 4214 -
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