On June 28, 2019, the governor approved HB 262, which includes the reduction of the inheritance tax rate to 0% on property transferred from a natural parent, adoptive parent, or step-parent to or for the benefit of a child age 21 or under. Reporting requirements presumably will still apply. The provision takes effect Monday, July 1, 2019.
Click here to see the text of the bill.
Contact Carolyn Whitworth with questions or concerns.