House Bill 1541
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DIGEST OF INTRODUCED BILL
Various tax matters. Repeals the automatic taxpayer refund. Reduces the individual income tax rate from 3.4% to 3.06% over three years. Provides that the inheritance tax does not apply to property interests transferred by decedents whose deaths occur after December 31, 2017. Specifies that certain definitions apply after the elimination of the inheritance tax for purposes of the Indiana estate tax and the Indiana generation-skipping transfer tax. Provides that the inheritance tax replacement amount is calculated in the same manner that it was calculated between 1997 and 2012. (Current law provides that a county is not eligible for a replacement amount unless it receives a replacement amount for inheritance tax collections in state fiscal year 2011-2012.) Phases out inheritance tax replacement amount distributions from 2013 to 2017.
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| ||In Committee - first House|