IN SB0514

Exempts Hoosier homestead farm property from Indiana inheritance tax when transferred to a family member who pledges to continue operating the farm for at least 10 years

Defines "Hoosier homestead farm property" as farmland that received a Hoosier Homestead Award from the Indiana State Department of Agriculture, plus associated personal property used in farming operations

Requires transferees to forfeit the exemption and pay the full inheritance tax if they dispose of the property before completing the 10-year farming pledge, except for certain permissible transfers

Permits exemption-preserving transfers including: inter vivos transfers to family members who continue farming, government eminent domain takings, exchanges for similar replacement farm property, and transfers upon death

Effective date of July 1, 2013, applying to property interests transferred by decedents whose deaths occur after June 30, 2013