{"data":{"id":"us-ky/krs-140.222","jurisdiction":"us-ky","citation":"KRS 140.222","heading":"Deferred payment of inheritance tax -- Interest -- Time and method of","body":"election to defer -- Liability for deferred payments.\n(1) When the net tax due from a beneficiary's distributive share exceeds five thousand\ndollars ($5,000), the beneficiary m ay elect to pay the inheritance tax in ten (10)\nequal installments. The first installment shall be due at the time the return is filed\nwith succeeding payments due in annual installments beginning one (1) year after\nthe return is filed.\n(2) (a) For deaths prior to July 1, 2026, the portion of the tax deferred under this\nsection shall be charged with interest at the tax interest rate as defined in KRS\n131.010 commencing eighteen (18) months after the date of death.\n(b) For deaths on or after July 1, 2026, th e portion of the tax deferred under this\nsection shall be charged with interest at the tax interest rate as defined in KRS\n131.010 commencing twenty-four (24) months after the date of death.\n(3) When the beneficiary elects to pay the tax on the beneficiary 's share as provided in\nthis section, such election must be made in writing and signed by the beneficiary\nand must be filed with the Department of Revenue at the time of filing the tax\nreturn for the decedent's estate under KRS 140.160(3). The filing of th e election\ntogether with payment of the first installment shall relieve the personal\nrepresentative or trustee of the estate from further liability for the tax payments\ndeferred under this section and the bond requirements of KRS 140.210, subject to\nthe final approval by the Department of Revenue of all other taxes due under this\nchapter.\n(4) A beneficiary electing to defer the payment of taxes under this section shall be\npersonally liable for the amount of deferred taxes until paid.\n(5) The period of limit ations for actions to enforce the collection of taxes imposed by\nthis chapter as provided by KRS 140.160(4) shall be suspended for the period of\ntime for deferred payment granted by this section.","path":["KRS Chapter 140"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56935","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:33Z","sha256":"64d883e877c92dd178abb380bcdb01f645076d910aa6f26c77c326756fa92751","source_id":"us-ky","stale":false,"prev":"us-ky/krs-140.220","next":"us-ky/krs-140.224"},"notice":"GroundRules: Original legal text. Not legal advice."}