140.285 Agreement with taxing authorities of other states. - Kentucky Statutes

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140.285 Agreement with taxing authorities of other states. (1) When the Department of Revenue claims that a decedent was domiciled in Kentucky at the time of death and the taxing authorities of another state or states
make a similar claim with respect to their state or states, the commissioner of the
Department of Revenue may enter into a written agreement with such taxing
authorities and the executor, administrator or trustee, fixing the sum acceptable to
the department in full settlement of the inheritance or estate taxes imposable under
this chapter. Such agreement shall also fix the sum acceptable to such other state or
states in full settlement of the death taxes imposable by such state or states. (2) If the aggregate amount payable under such agreement to the states involved is less than the maximum sum allowable as a credit to the estate against the federal estate
tax imposed thereon, then the executor, administrator or trustee shall also pay to the
State of Kentucky as an estate tax so much of the difference between such aggregate
amount and the amount of such credit as the amount payable to Kentucky under the
agreement bears to such aggregate amount. Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 466, effective June 20, 2005. -- Created 1960 Ky. Acts ch. 186, Art. VI, sec. 1, effective June 16, 1960.