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Senate Bill 0514


Senate Bill 0514

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


Inheritance tax exemption for certain farms. 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 transfer of Hoosier homestead farm property is exempt from the inheritance tax if the property is transferred to a family member who continues to operate the farm. Provides that the exemption is in addition to other exemptions that the transferee may receive. Requires a transferee receiving the Hoosier homestead farm property to pledge to farm the property for at least ten years. Provides that the transferee is liable for the amount of foregone inheritance tax if the transferee makes an impermissible disposal of the property before fulfilling the pledge. Provides that certain disposals are permissible and do not incur the inheritance tax liability.
    Current Status:
     In Committee - first House
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