Inheritance Tax - Beneficiaries of Limited Means - Installment Payments

HB 245 allows beneficiaries with limited income to pay inheritance tax on eligible property - such as their primary home or maintained agricultural land - in installments, rather than as a lump sum. It applies to individuals with federal adjusted gross income under $125,000 (or $250,000 for spouses filing jointly) who would otherwise be forced to sell the property to cover the tax. The register of wills must approve the payment plan upon application, specifying the schedule and installment amounts. The bill takes effect July 1, 2025, for estates of people who die on or after that date.