HB 1299 Summary

• Phases out Indiana's inheritance tax beginning July 1, 2013, through increasing tax credits of 30%, 40%, 50%, 60%, and 75% for deaths occurring in successive one-year periods.

• Eliminates inheritance tax entirely for property transfers by decedents whose deaths occur after June 30, 2018.

• Phases out estate tax and generation skipping transfer tax payments, with no application to estates of individuals dying after June 30, 2018.

• Reduces county inheritance tax replacement payments from the state general fund on a declining percentage basis (70%, 60%, 50%, 40%, 25%) for state fiscal years 2014-2018, with no distributions to counties after June 30, 2018.

• Effective July 1, 2010, with tax credit provisions applying to deaths after June 30, 2013.