Citations Affected: IC 6-4.1
Synopsis: Inheritance tax exemption for Class A transferees. Provides
a total exemption from the inheritance tax for property transferred to
lineal descendants and ancestors (Class A transferees) with respect to
persons who die after June 30, 2005.
Effective: July 1, 2005.
January 6, 2005, read first time and referred to Committee on Tax and Fiscal Policy.
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
sections 9.1 through 15 of IC 6-4.1-3 IC 6-4.1-3-10 through
IC 6-4.1-3-15 with respect to the property interests so transferred.
(b) With respect to a person who dies before July 1, 2005, the
inheritance tax imposed on a decedent's transfer of property interests
to a particular Class A transferee is prescribed in the following table:
NET TAXABLE VALUE OF
PROPERTY INTERESTS
TRANSFERRED INHERITANCE TAX
$25,000 or less ....... 1% of net taxable value
over $25,000 but not
over $50,000 ....... $250, plus 2% of net
taxable value over $25,000
over $50,000 but not
over $200,000 ...... $750, plus 3% of net taxable
value over $50,000
over $200,000 but not
over $300,000 ...... $5,250, plus 4% of net
taxable value over $200,000
over $300,000 but not
over $500,000 ...... $9,250, plus 5% of net
taxable value over $300,000
over $500,000 but not
over $700,000 ...... $19,250, plus 6% of net
taxable value over $500,000
over $700,000 but not
over $1,000,000 .... $31,250, plus 7% of net
taxable value over $700,000
over $1,000,000 but not
over $1,500,000 .... $52,250, plus 8% of net
taxable value over $1,000,000
over $1,500,000 ....... $92,250, plus 10% of net
taxable value over $1,500,000
(c) With respect to a person who dies after June 30, 2005, no
inheritance tax is imposed on the person's transfer of property
interests to a particular Class A transferee.
(c) (d) The inheritance tax imposed on a decedent's transfer of
property interests to a particular Class B transferee is prescribed in the
following table:
NET TAXABLE VALUE OF
PROPERTY INTERESTS
TRANSFERRED INHERITANCE TAX
$100,000 or less ...... 7% of net taxable value