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IN HB1226
Bill
Status
1/10/2019
Primary Sponsor
Chris Chyung
Click for details
AI Summary
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Refundable income tax credits of $200 for single filers and $400 for married couples filing jointly, effective for tax years beginning after December 31, 2021
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Imposes a new Indiana estate tax of 20% on estates with gross value of at least $2,000,000, applying to decedents who die after December 31, 2019
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Otherwise tax-exempt bonds (municipal bonds, authority bonds, etc.) become subject to the new Indiana estate tax
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Estate tax returns required within 9 months of death if no federal return is required, or on the federal estate tax due date if a federal return is filed
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Department of State Revenue authorized to administer the estate tax, issue deficiency notices within 3 years (or 6 years if estate undervalued by more than 25%), and negotiate with other states on disputed domicile claims
Legislative Description
Tax matters. Provides refundable credits against the individual income tax in the following amounts: (1) $200 for individuals filing a single return. (2) $400 for married couples filing joint returns. Provides that the credits apply to taxable years beginning after December 31, 2021. Imposes an Indiana estate tax on a decedent's Indiana taxable estate if the value of the decedent's gross estate is at least $2,000,000. Provides that the Indiana estate tax applies to the estate of a decedent who dies after December 31, 2019. Provides that the tax equals 20% of the decedent's Indiana taxable estate. Provides that otherwise
Last Action
First reading: referred to Committee on Ways and Means
1/10/2019