HB 532 Summary

• Excludes real property subject to agricultural or conservation easements from a decedent's taxable estate, allowing deduction of such property value when calculating estate tax liability.

• Imposes a recapture tax equal to the estate tax savings realized from the easement exclusion, plus interest compounded annually, with the tax amount creating a perpetual lien on the restricted property.

• Makes the recapture tax lien perpetual until discharged by payment, unlike standard estate tax liens which expire ten years after the decedent's death.

• Applies the easement exclusion to property subject to easements authorized under Ohio law sections 901.21 and 5301.67 to 5301.70 of the Revised Code.