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IN HB1230

Bill

Official Source

Status

Introduced

1/14/2013

Primary Sponsor

Timothy Wesco

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Eliminates Indiana's inheritance tax for property interests transferred by decedents who die after December 31, 2012, accelerating the previous phase-out schedule that would have ended the tax by 2021
  • Repeals the graduated inheritance tax credit system that was scheduled to increase from 10% in 2013 to 90% in 2021
  • Provides counties with a final inheritance tax replacement distribution before August 15, 2013, calculated at 91% of the amount distributed in 2012
  • Terminates county inheritance tax replacement payments after December 31, 2013, rather than the previously scheduled end date of June 30, 2022
  • Preserves certain statutory definitions for purposes of the Indiana estate tax and generation-skipping transfer tax after the inheritance tax elimination takes effect

Legislative Description

Inheritance tax.

Last Action

Representative M. Smith added as coauthor

2/18/2013

Committee Referrals

Ways and Means1/14/2013

Full Bill Text

No bill text available