72-16-447. Application for in-kind payment -- in-kind review committee -- review process. (1) Upon written application from a receiving entity, the department of revenue shall notify the revenue and taxation interim committee that an application has been received.
     (2) Upon receipt of the notification, the revenue and taxation interim committee shall appoint an in-kind review committee. The in-kind review committee must be composed of the following persons:
     (a) a representative of the receiving entity; and
     (b) six members representing the county in which the property proposed for in-kind payment lies or was situated at the time of death of the person whom the donor represents, as follows:
     (i) one member of the county commission;
     (ii) one state senator;
     (iii) one state representative; and
     (iv) three residents from the community at large.
     (3) The in-kind review committee is a voluntary review committee and is entitled to no compensation or reimbursement of expenses for its review, recommendation, or any other activity.
     (4) The in-kind review committee will advise the department and the revenue and taxation interim committee as to the following:
     (a) proposed and potential uses of the property;
     (b) when applicable, methods and potential sources for rehabilitation, maintenance, and general support of the property alternative to the statement submitted by the receiving entity pursuant to 72-16-448.
     (5) Upon completion of its review, the in-kind review committee shall submit a report in written form to the revenue and taxation interim committee and the department, which must be considered in determining whether to recommend that the legislature approve the in-kind payment.
     (6) The in-kind review committee has 180 days from the date that written application is received by the department from the receiving entity within which to make its report.
     (7) The department shall, as provided in 72-16-438, defer payment of inheritance or estate tax that is under review for in-kind payment, so that the tax due is exempt from the interest penalty imposed under 72-16-441.

     History: En. Sec. 3, Ch. 736, L. 1985; amd. Sec. 44, Ch. 19, L. 1999.