Senate Bill 66 Summary

• Increases inheritance tax exemptions for Class B transferees from $500 to $50,000 and for Class C transferees from $100 to $25,000, effective July 1, 2010.

• Reclassifies spouses, widows, and widowers of children or stepchildren as Class B transferees rather than Class C transferees for inheritance tax purposes.

• Establishes specific requirements for affidavits stating no inheritance tax is due, including decedent's name, transferee names and relationships, property values, and exemption information.

• Makes technical amendments to probate procedures regarding motor vehicle and watercraft transfers on death, probate notices, protected persons, power of attorney succession, and disclaimer of property interests.

• Applies retroactively to July 1, 2009 for transfer on death provisions and to July 1, 2010 for inheritance tax and probate procedure changes.