News

Inheritance Tax phase-out approved by IN House

Ahead of the Indiana General Assembly’s final week – Indiana Farm Bureau members saw significant legislative victories.  One of those is the long sought after repeal of inheritance tax in Indiana.  Katrina Hall, Tax and Local Government Specialist with Indiana Farm Bureau explains the two proposals.

“The House proposal simply phases out the tax by 10 percent over a 10 year period of time, and then it will be eliminated” she says.  “The Senate version is a little different.  It has exemption amounts and different tax rates depending on your relationship to the decedent.  Hall says the Senate version changes the rates and reduces people’s burden. 

AUDIO: Katrina Hall, Indiana Farm Bureau (1:53mp3)

SB 293 passed the house by a margin of 80-17 last week.  Indiana Farm Bureau reports Senator Jim Smith (R-Charlestown) has filed a dissent on the bill and it will now head to conference committee.  IFB says Farm Bureau’s lobby staff will work to keep the House-passed version of the bill intact during conference committee.