Senate Bill No. 57 Summary

• Phases out Indiana's inheritance tax beginning July 1, 2013, by providing increasing tax credits of 30% to 75% for deaths between July 2013 and June 2018.

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

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

• Phases out county payments of inheritance tax replacement amounts from 70% to 25% between fiscal years 2013-2014 and 2017-2018, with no distributions to counties after June 30, 2018.

• Effective date is July 1, 2012.