IN SB0232

Eliminates Indiana's inheritance tax for property interests transferred by decedents who die after December 31, 2013, accelerating the previously scheduled phase-out date of December 31, 2021

Applies a 10% tax credit for deaths occurring in calendar year 2013, replacing the original gradual credit increase schedule (10% in 2013 rising to 90% in 2021)

Prohibits the state treasurer from distributing inheritance tax replacement amounts to counties for any state fiscal year beginning after June 30, 2013

Requires one final inheritance tax replacement distribution to counties before August 15, 2013, calculated at 91% of the amount distributed for the state fiscal year beginning July 1, 2011

Preserves certain statutory definitions related to the Indiana estate tax and generation-skipping transfer tax for ongoing administration after the inheritance tax elimination