- Skip Navigation

Note: This message is displayed if (1) your browser is not standards-compliant or (2) you have you disabled CSS. Read our Policies for more information.

Indiana General Assembly
House Bill 1506


Search all legislative material from the 2007 Session.
General Assembly Home Page

Session Information

Complete Bill Listing

Get Acrobat Reader
You will need to download and install Acrobat Reader to view PDF documents.


House Bill 1506

ARCHIVE (2007)

Latest Information


Property tax deductions and inheritance taxes. Provides that a trust is entitled to certain property tax deductions for real property owned by the trust if the property is occupied by an individual who has a beneficial interest in the trust, is considered to have a life estate in the real property, and otherwise qualifies for the deduction. Removes a provision that prevents individuals who are adopted as adults after June 30, 2004, from being considered Class A transferees for purposes of the inheritance tax. Increases the Class B transferee inheritance tax exemption amount from $500 to $20,000 and the Class C transferee inheritance tax exemption amount from $100 to $10,000. Increases from $1,000 to $5,000 the maximum amount that may be deducted for purposes of inheritance tax from the value of property interests transferred by a resident decedent for the purchase of a memorial for the decedent. (The introduced version of this bill was prepared by the probate code study commission.)
Current Status:
 In Committee - first House
>Latest Printing > (PDF)