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140.320 Taxation of land converted from agricultural use.

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140.320 Taxation of land converted from agricultural use. If, within five (5) years after the death of the decedent, a qualified person sells, conveys, <br>or otherwise transfers the ownership, directly or indirectly, of the qualified real estate to <br>any person or persons other than another qualified person who is a joint owner or the <br>qualified real estate is converted to a use other than agricultural or horticultural use, then <br>the qualified persons to whom the property passed at the death of the decedent in whose <br>estate the agricultural or horticultural value was reported shall cause to be paid, pursuant <br>to administrative regulations promulgated by the Department of Revenue, the additional <br>inheritance tax that would have been due on the decedent's estate if fair market value had <br>been used to compute the tax due on the estate rather than the agricultural or horticultural <br>value, along with interest at the tax interest rate as defined in KRS 131.010(6). Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 468, effective June 20, 2005. -- Amended 1992 Ky. Acts ch. 338, secs. 7 and 10, effective August 1, 1992. -- Created 1978 Ky. <br>Acts ch. 138, sec. 7, effective July 1, 1978.