HB575

Kentucky HB575 amends inheritance tax deductions, specifying allowable deductions and caps on funeral expenses.

Kentucky HB575 modifies the Kentucky Revised Statutes to detail allowable deductions for inheritance tax calculations. It specifies deductions such as debts of the decedent, taxes, death duties, federal estate taxes, special assessments, funeral expenses, and administration costs. Notably, it caps funeral expenses at $5,000 for decedents who died before August 1, 2026, and $10,000 for those who died on or after that date. The bill also allows debts of a deceased wife to be deducted if paid from her estate, subject to certain conditions.