Introduced Version




Citations Affected: IC 6-4.1-6-1.

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, 2005.


    January 4, 2005, read first time and referred to Committee on Tax and Fiscal Policy.


First Regular Session 114th General Assembly (2005)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-4.1-6-1; (05)IN0186.1.1. -->     SECTION 1. IC 6-4.1-6-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: 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.