HB 1236 Summary

• Phases out Indiana's inheritance tax beginning July 1, 2013, through increasing credits: 30% for deaths between July 1, 2013-June 30, 2014, increasing to 75% for deaths between July 1, 2017-June 30, 2018.

• Eliminates the inheritance tax entirely for property transfers by decedents whose death occurs after June 30, 2018.

• Phases out the inheritance tax replacement amount distributed to counties from 70% for fiscal year 2013-2014 down to 25% for fiscal year 2017-2018, eliminating all county distributions after June 30, 2018.

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

• Effective date is July 1, 2012.