HB 1258-1_ Filed 01/30/2012, 07:36 Goodin


Text Box


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    WITHDRAWN        Noes _______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


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that House Bill 1258 be amended to read as follows:

SOURCE: Page 1, line 1; (12)MO125801.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 6-4.1-1-0.5; (12)MO125801.1. -->     "SECTION 1. IC 6-4.1-1-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.".
SOURCE: Page 1, line 5; (12)MO125801.1. -->     Page 1, between lines 5 and 6, begin a new paragraph and insert:
SOURCE: IC 6-4.1-2-0.5; (12)MO125801.3. -->     "SECTION 3. IC 6-4.1-2-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.".
SOURCE: Page 1, line 14; (12)MO125801.1. -->     Page 1, between lines 14 and 15, begin a new paragraph and insert:
SOURCE: IC 6-4.1-3-0.5; (12)MO125801.5. -->     "SECTION 5. IC 6-4.1-3-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-4-0.2; (12)MO125801.6. -->     SECTION 6. IC 6-4.1-4-0.2 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.2. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-5-0.5; (12)MO125801.7. -->     SECTION 7. IC 6-4.1-5-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-6-0.5; (12)MO125801.8. -->     SECTION 8. IC 6-4.1-6-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-7-0.5; (12)MO125801.9. -->     SECTION 9. IC 6-4.1-7-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-8-0.5; (12)MO125801.10. -->     SECTION 10. IC 6-4.1-8-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-9-0.5; (12)MO125801.11. -->     SECTION 11. IC 6-4.1-9-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-11-0.5; (12)MO125801.12. -->     SECTION 12. IC 6-4.1-11-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. The following do not apply to the estate of an individual who dies after December 31, 2012:
        (1) Sections 1 through 5 of this chapter.
        (2) Section 6(a) of this chapter.
        (3) Section 7 of this chapter.

SOURCE: IC 6-4.1-11-6; (12)MO125801.13. -->     SECTION 13. IC 6-4.1-11-6 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 6. (a) The department of state revenue shall collect the Indiana estate tax and the interest charges imposed under this chapter. The department shall remit the money which it collects under this chapter to the state treasurer, and the state treasurer shall deposit the money in the state general fund.
    (b) Before August 15 of each year Except as provided in subsection (e), the treasurer of state shall annually distribute to each county the amount determined under subsection (c) or (d) for the county. The distribution for a particular state fiscal year must be made before August 15 of the following state fiscal year. There is appropriated from the state general fund the amount necessary to make the distributions under this section. subsection.
    (c) Except as provided in subsection (d), the department of state

revenue shall determine the inheritance tax replacement amount for each county using the following formula:
        STEP ONE: Determine the amount of inheritance tax revenue retained by each county in each state fiscal year beginning with the state fiscal year that began July 1, 1990, and ending with the state fiscal year that ends June 30, 1997.
        STEP TWO: Determine the average annual amount of inheritance tax revenue retained by each county using five (5) of the seven (7) state fiscal years described in STEP ONE after excluding the two (2) years in which each county retained its highest and lowest totals of inheritance tax revenue.
        STEP THREE: Determine the remainder of the STEP TWO amount minus the amount of inheritance taxes retained by the county during the immediately preceding state fiscal year.
     (d) For a state fiscal year beginning after June 30, 2013, and ending before July 1, 2014, the department of state revenue shall determine the inheritance tax replacement amount for each county using the following formula:
         STEP ONE: Determine the amount of inheritance tax revenue retained by each county in each state fiscal year beginning with the state fiscal year that began July 1, 1990, and ending with the state fiscal year that ended June 30, 1997.
        STEP TWO: Determine the average annual amount of inheritance tax revenue retained by each county using five (5) of the seven (7) state fiscal years described in STEP ONE after excluding the two (2) years in which each county retained its highest and lowest totals of inheritance tax revenue.
        STEP THREE: Determine the remainder of the STEP TWO amount minus the amount of inheritance taxes retained by the county during the immediately preceding state fiscal year.
        STEP FOUR: Determine the product of:
            (1) the STEP THREE result; multiplied by
            (2) fifty percent (50%).

     (e) A county is not entitled to a distribution under subsection (b) for a state fiscal year beginning after June 30, 2014.

SOURCE: IC 6-4.1-11.5-0.5; (12)MO125801.14. -->     SECTION 14. IC 6-4.1-11.5-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. This chapter does not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
SOURCE: IC 6-4.1-12-0.5; (12)MO125801.15. -->     SECTION 15. IC 6-4.1-12-0.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 0.5. (a) For an individual who dies after December 31, 2012, there is no inheritance tax imposed on the decedent's transfer of property interests.
    (b) Sections 1 through 12 of this chapter do not apply to a

property interest transferred by a decedent whose death occurs after December 31, 2012.

SOURCE: IC 6-4.1-12-13; (12)MO125801.16. -->     SECTION 16. IC 6-4.1-12-13 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 13. This article expires July 1, 2015.".
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1258 as printed January 28, 2012.)

________________________________________

Representative Goodin


MO125801/DI 92     2012