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IN SB0145
Bill
Status
1/4/2012
Primary Sponsor
Patricia Miller
Click for details
AI Summary
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Phases out Indiana's inheritance tax over five years beginning July 1, 2012, with increasing credits against tax due: 20% credit for deaths after June 30, 2012; 40% after June 30, 2013; 50% after June 30, 2014; 60% after June 30, 2015; and 80% after June 30, 2016
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Eliminates the inheritance tax entirely for property transfers by decedents who die after June 30, 2017
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Repeals the estate tax and generation skipping transfer (GST) tax for individuals who die after June 30, 2017
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Phases out inheritance tax replacement payments to counties over the same period, reducing amounts from 80% in 2012-2013 to 20% in 2016-2017, with no distributions after July 1, 2017
Legislative Description
Inheritance tax, estate tax, and GST tax.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/4/2012