Senate Enrolled Act 293 - Inheritance Tax Summary

• Expands Class A transferee definition to include spouses, widows, and widowers of the transferor's children and stepchildren for estates of individuals dying after December 31, 2011

• Increases exemption for Class A transferees from $100,000 to $250,000 for property transfers resulting from deaths after December 31, 2011

• Implements phased inheritance tax credit beginning 2013, increasing from 10% to 90% by 2021 for decedents dying after December 31, 2012

• Eliminates Indiana inheritance tax entirely for deaths occurring after December 31, 2021

• Phases out county inheritance tax replacement distributions from 91% to 9% between fiscal years 2012-2022, ending all distributions after June 30, 2022