1. (a) In this section, “clear value” means fair market value minus expenses.
2. (b) The inheritance tax rate is 10% of the clear value of the property that passes from a decedent.
3. (c) If a decedent died on or before May 31, 1975, the rate of the inheritance tax is the rate in effect on the date of the decedent's death.

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1996, c. 367, § 1, eff. July 1, 1996; Acts 1999, c. 635, § 1, eff. July 1, 1999; Acts 2000, c. 497, § 1, eff. July 1, 2000.

Formerly Art. 81, §§ 149, 150.