SB 65-1_ Filed 01/20/2010, 16:05 Zakas

SENATE MOTION


MADAM PRESIDENT:

    I move
that Senate Bill 65 be amended to read as follows:

SOURCE: Page 1, line 1; (10)MO006501.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 6-4.1-4-0.5; (10)MO006501.1. -->     "SECTION 1. IC 6-4.1-4-0.5 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2010]: Sec. 0.5. (a) No inheritance tax return is required under this chapter unless the total fair market value of the property interests transferred by the decedent to a transferee under a taxable transfer or transfers exceeds the exemption provided to the transferee under IC 6-4.1-3-10 through IC 6-4.1-3-12. For purposes of this section, the fair market value of a property interest is its fair market value as of the appraisal date prescribed by IC 6-4.1-5-1.5.
    (b) The department of state revenue shall prescribe the An affidavit form that may be used to state that no inheritance tax is due after applying the exemptions under IC 6-4.1-3. The may be used to state that no inheritance tax is due after applying the exemptions under IC 6-4.1-3. The affidavit must contain the following information:
        (1) The decedent's name and date of death.
        (2) The name of each known transferee and the transferee's relationship to the decedent.
        (3) The total value of property transferred to each known transferee as a result of the decedent's death.
        (4) A statement that the total value of property transferred to each known transferee as a result of the decedent's death is less than the amount of the exemption provided to the transferee under IC 6-4.1-3.

     (c) An affidavit described in subsection (b) may be:
        (1) recorded in the office of the county recorder if the affidavit concerns real property and includes the legal description of the real property in the decedent's estate; or
        (2) submitted as required by IC 6-4.1-8-4 if the affidavit concerns personal property.
If consent by the department of state revenue or the appropriate county assessor is required under IC 6-4.1-8-4 for the transfer of personal property, the affidavit must be submitted with a request for a consent to transfer under IC 6-4.1-8-4.
    (c) (d) If consent by the department of state revenue or the appropriate county assessor is required under IC 6-4.1-8-4 before personal property may be transferred and the department of state revenue or the appropriate county assessor consents to a transfer of personal property under IC 6-4.1-8-4 after considering an affidavit described in subsection (b), the full value of the personal property may be transferred.
    (d) (e) The department of state revenue or the appropriate county assessor may rely upon an affidavit prescribed by the department of state revenue under described in subsection (b) to determine that a transfer will not jeopardize the collection of inheritance tax for purposes of IC 6-4.1-8-4(e).
    (e) (f) It is presumed that no inheritance tax is due and that no inheritance tax return is required if an affidavit described in subsection (b) was:
        (1) properly executed; and
        (2) recorded in the decedent's county of residence or submitted under IC 6-4.1-8-4.
    (f) (g) Except as provided in subsection (h), (i), a lien attached under IC 6-4.1-8-1 to the real property owned by a decedent terminates when an affidavit described in subsection (b) is:
        (1) properly executed; and
        (2) recorded in the county in which the real property is located.
    (g) (h) Except as provided in subsection (h), (i), a lien attached under IC 6-4.1-8-1 to personal property that is owned by the decedent terminates when:
        (1) an affidavit described in subsection (b) is properly executed;
        (2) the affidavit described in subsection (b) is submitted to the department of state revenue or the appropriate county assessor in conformity with IC 6-4.1-8-4; and
        (3) the department of state revenue or the appropriate county assessor consents to the transfer.
However, subdivision (3) does not apply if consent of the department of state revenue or the appropriate county assessor is not required under IC 6-4.1-8-4 before the property may be transferred.
    (h) (i) A lien terminated under subsection (f) (g) or (g) (h) is reattached to the property under IC 6-4.1-8-1 if the department of state revenue obtains an order that an inheritance tax is owed.
SOURCE: IC 6-4.1-4-1; (10)MO006501.2. -->     SECTION 2. IC 6-4.1-4-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2010]: Sec. 1. (a) Except as otherwise provided in section 0.5 of this chapter or in IC 6-4.1-5-8, the personal representative of a resident decedent's estate or the trustee or transferee of property transferred by the decedent shall file an

inheritance tax return with the appropriate probate court within nine (9) months after the date of the decedent's death. The person filing the return shall file it under oath on the forms prescribed by the department of state revenue. The return shall:
        (1) contain a statement of all property interests transferred by the decedent under taxable transfers known to the person filing the return;
        (2) indicate the fair market value, as of the appraisal date prescribed by IC 6-4.1-5-1.5, of each property interest included in the statement;
        (3) contain an itemized list of all inheritance tax deductions claimed with respect to property interests included in the statement;
        (4) contain a list which indicates the name and address of each transferee of the property interests included in the statement and which indicates the total value of the property interests transferred to each transferee; and
        (5) contain the name and address of the attorney for the personal representative or for the person filing the return.
    (b) If the decedent died testate, the person filing the return shall attach a copy of the decedent's will to the return.

SOURCE: IC 6-4.1-4-7; (10)MO006501.3. -->     SECTION 3. IC 6-4.1-4-7 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2010]: Sec. 7. (a) Except as otherwise provided in section 0.5 of this chapter, the personal representative of a nonresident decedent's estate or the trustee or transferee of property transferred by the decedent shall file an inheritance tax return with the department of state revenue within nine (9) months after the date of the decedent's death. The person filing the return shall file it under oath on the forms prescribed by the department of state revenue. The return shall:
        (1) contain a statement of all property interests transferred by the decedent under taxable transfers known to the person filing the return;
        (2) indicate the fair market value, as of the appraisal date prescribed by IC 6-4.1-5-1.5, of each property interest included in the statement;
        (3) contain an itemized list of all inheritance tax deductions claimed with respect to property interests included in the statement;
        (4) contain a list which indicates the name and address of each transferee of the property interests included in the statement and which indicates the total value of the property interests transferred to each transferee; and
        (5) contain the name and address of the attorney for the personal representative or for the person filing the return.
    (b) If the decedent died testate, the person filing the return shall attach a copy of the decedent's will to the return.".
    Renumber all SECTIONS consecutively.
    (Reference is to SB 65 as printed January 20, 2010.)

________________________________________

Senator ZAKAS


MO006501/DI 106
2010