Citations Affected: IC 6-4.1.
Synopsis: Inheritance tax valuations. Requires county inheritance tax
appraisers and the department of state revenue to use current (rather
than 1988) mortality standards and actuarial tables when appraising
certain property interests and annuities.
Effective: July 1, 2004.
November 18, 2003, read first time and referred to Committee on Rules and Legislative
January 8, 2004, amended; reassigned to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning
SECTION 1. IC 6-4.1-6-1 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 1. (a) For purposes of
this article, county inheritance tax appraisers and the department of
state revenue shall, if possible, appraise each future, contingent,
defeasible, or life interest in property and each annuity by using the
rules, methods, standards of mortality, and actuarial tables that are, on
the date of the appraisal, being used by the Internal Revenue Service
on October 1, 1988, for federal estate tax purposes.
(b) Except as otherwise provided in this chapter, the value of a future interest in specific property equals the remainder of:
(1) the total value of the property; minus
(2) the value of all other interests in the property.
(c) Unless otherwise provided by the transferor, the inheritance tax
imposed on the transfer of each of the interests is payable from the property in which the interests exist.