SB 148 Summary

• Phases out Indiana's inheritance tax through increasing credits beginning July 1, 2013, with credits rising from 30% to 75% by fiscal year 2018, and completely eliminates the inheritance tax for decedents dying after June 30, 2018.

• Eliminates estate tax and generation skipping transfer tax for individuals dying after June 30, 2018.

• Phases out inheritance tax replacement payments to counties between 2013 and 2018, reducing from 70% to 25% of the prior year distribution, with counties receiving no distribution after June 30, 2018.

• Makes technical corrections to Indiana Code Title 6 (taxation), including changing pronouns and updating statutory references.

• Effective date is July 1, 2011.