72-16-323. Exemption for closely held business property. (1) The value of any interest in a closely held business represented by real property and tangible personal property and all real property and tangible personal property of a closely held business, as defined in 72-16-453, that is transferred to the lineal descendants of the decedent's grandparents is exempt from the tax imposed under parts 1 through 8.
     (2) Property owned by a closely held business is considered as being owned proportionately by or for its shareholders, partners, or owners.
     (3) For the purposes of this section, "tangible personal property" means property, other than intangible property as defined in 72-16-101, that is owned by a closely held business. The term does not include an ownership interest in the closely held business.

     History: En. Sec. 1, Ch. 288, L. 1997.