Payment of taxes -- Discount -- Interest -- Bond for payment

(1) (a) For deaths prior to July 1, 2026, all taxes imposed by this chapter, unless otherwise provided in this chapter, shall be due at the death of the decedent and shall be payable to the Department of Revenue within eighteen (18) months thereafter. If they are paid within nine (9) months, a discount of five percent (5%) shall be allowed, and if they are paid within eighteen (18) months, no interest shall be charged and collected thereon. If the taxes due are not paid within eighteen (18) months, interest at the tax interest rate as defined in KRS 131.010 shall be paid from the expiration of the eighteen (18) months until payment is actually made to the department. (b) For deaths on or after July 1, 2026, all taxes imposed by this chapter, unless otherwise provided in this chapter, shall be due at the death of the decedent and shall be payable to the Department of Revenue within twenty-four (24) months thereafter. If they are paid within fourteen (14) months, a discount of five percent (5%) shall be allowed, and if they are paid within twenty-four (24) months, no interest shall be charged and collected thereon. If the taxes due are not paid within twenty-four (24) months, interest at the tax interest rate as defined in KRS 131.010 shall be paid from the expiration of the twenty-four (24) months until payment is actually made to the department. (2) In all cases where the personal representatives or trustees do not pay the taxes by the applicable eighteen (18) month or twenty-four (24) month deadline established in subsection (1) of this section, they shall be required to give bond, in the form and to the effect prescribed by the department, for the payment of the taxes and interest.