72-16-448. Receipt of application for in-kind payment -- limitations. (1) Upon receipt of the written application of a receiving entity and the report, if any, of the in-kind review committee, the department of revenue, after consultation with the revenue oversight committee, may recommend that the legislature approve acceptance by the department as in-kind payment of all or a portion of estate or inheritance taxes property consisting of any object of significant artistic merit, any site of significant historical interest, or any interest in real property having recreational, conservation, or wildlife value.
     (2) A written application pursuant to subsection (1) must be accompanied by a statement from the receiving entity concerning the methods available for the maintenance, supervision, and care of the object, site, or interest in real property.
     (3) The department may accept an in-kind payment if:
     (a) the total estate and inheritance taxes due exceed $100,000;
     (b) the value of the in-kind payment does not exceed $400,000; and
     (c) it has received the approval of the legislature.

     History: En. Sec. 4, Ch. 736, L. 1985.