SB 78-2_ Filed 02/18/2008, 10:36 Walorski


Text Box


    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that Engrossed Senate Bill 78 be amended to read as follows:

SOURCE: Page 4, line 3; (08)MO007804.4. -->     Page 4, between lines 3 and 4, begin a new paragraph and insert:
SOURCE: IC 6-4.1-3-10; (08)MO007804.4. -->     "SECTION 4. IC 6-4.1-3-10 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 10. (a) With respect to a decedent whose death occurs before July 1, 2008, the first one hundred thousand dollars ($100,000) of property interests transferred to a Class A transferee under a taxable transfer or transfers is exempt from the inheritance tax.
     (b) With respect to a decedent whose death occurs after June 30, 2008, but before July 1, 2009, the first two hundred thousand dollars ($200,000) of the decedent's property interests transferred to a Class A transferee under a taxable transfer or transfers is exempt from the inheritance tax.
     (c) With respect to a decedent whose death occurs after June 30, 2009, but before July 1, 2010, the first three hundred thousand dollars ($300,000) of the decedent's property interests transferred to a Class A transferee under a taxable transfer or transfers is exempt from the inheritance tax.
    (d) With respect to a decedent whose death occurs after June 30, 2010, the entire amount of the decedent's property interests transferred to a Class A transferee under a taxable transfer or transfers is exempt from the inheritance tax.
SOURCE: IC 6-4.1-3-11; (08)MO007804.5. -->     SECTION 5. IC 6-4.1-3-11 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 11. (a) With respect to a decedent whose death occurs before July 1, 2011, the first five

hundred dollars ($500) of property interests transferred to a Class B transferee under a taxable transfer or transfers is exempt from the inheritance tax.
    (b) With respect to a decedent whose death occurs after June 30, 2011, the entire amount of the decedent's property interests transferred to a Class B transferee under a taxable transfer or transfers is exempt from the inheritance tax.

SOURCE: IC 6-4.1-3-12; (08)MO007804.3. -->     SECTION 3. IC 6-4.1-3-12 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 12. (a) With respect to a decedent whose death occurs before July 1, 2012, the first one hundred dollars ($100) of property interests transferred to a Class C transferee under a taxable transfer or transfers is exempt from the inheritance tax.
    (b) With respect to a decedent whose death occurs after June 30, 2012, the entire amount of the decedent's property interests transferred to a Class C transferee under a taxable transfer or transfers is exempt from the inheritance tax.
SOURCE: IC 6-4.1-5-1; (08)MO007804.4. -->     SECTION 4. IC 6-4.1-5-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 1. (a) For purposes of this section, the net taxable value of property interests transferred by a decedent to a particular transferee equals the remainder of:
        (1) the total fair market value of the property interests transferred by the decedent to the transferee under a taxable transfer or transfers; minus
        (2) the total amount of exemptions and deductions provided under 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 decedent whose death occurs before July 1, 2010, the inheritance tax imposed on a the 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 decedent whose death occurs after June 30, 2010, no inheritance tax is imposed on the decedent's transfer of property interests to a particular Class A transferee.
    (c) (d) With respect to a decedent whose death occurs before July 1, 2011, the inheritance tax imposed on a the 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
    over $100,000 but not
        over $500,000    $7,000, plus 10% of net
            taxable value over $100,000
    over $500,000 but not
        over $1,000,000    $47,000, plus 12% of net
            taxable value over $500,000
    over $1,000,000    $107,000, plus 15% of net
            taxable value over $1,000,000
     (e) With respect to a decedent whose death occurs after June 30, 2011, no inheritance tax is imposed on the decedent's transfer of property interests to a particular Class B transferee.
    (d) (f) With respect to a decedent whose death occurs before July 1, 2012, the inheritance tax imposed on a decedent's transfer of property interests to a particular Class C transferee is prescribed in the following table:
    NET TAXABLE VALUE OF
    PROPERTY INTERESTS
    TRANSFERRED    INHERITANCE TAX
    $100,000 or less    10% of net taxable value
    over $100,000 but not
        over $1,000,000    $10,000, plus 15% of net
            taxable value over
            $100,000
    over $1,000,000     $145,000, plus 20% of
            net taxable value over
            $1,000,000
     (g) With respect to a decedent whose death occurs after June 30, 2012, no inheritance tax is imposed on the decedent's transfer of property interests to a particular Class C transferee.".
    Renumber all SECTIONS consecutively.
    (Reference is to ESB 78 as printed February 15, 2008.)

________________________________________

Representative Walorski


MO007804/DI 92     2008