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IN Governor signs inheritance tax reform

Indiana Governor Mitch Daniels signed into law the act which reforms Indiana’s inheritance tax today.  Senate Enrolled Act 293 phases out the state inheritance tax over a nine-year period.  The phase-out begins January 1, 2013 and the tax will be fully eliminated by 2021.

The act also increases the amount that may be inherited by the next generation before the inheritance tax may be assessed from $100,000 to $250,000.  The increased exemption is retroactive to January 1 of this year.

Indiana Farm Bureau president Don Villwock says this has been a policy objective for IFB for decades and IFB members are thankful the governor and the General Assembly made it happen.