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Monday, January 17, 2011
Ind. Law - Bill to repeal Indiana inheritance tax introduced
From a story yesterday in the Fort Wayne Journal Gazette, reported by Niki Kelly:
[Sen. Jim Banks, R-Columbia City] is getting some attention for a bill that would phase out Indiana’s inheritance tax.Only six states levy an inheritance tax, with the rate depending on the relationship of the heir to the deceased.
The tax generates about $135 million annually, but Banks doesn’t believe he needs to identify replacement revenue for the state.
“We have scaled back government dramatically, and revenues are going up, so we can absorb this,” he said.
So far, a number of other senators have signed on as co-authors to Senate Bill 148.
But Senate Appropriations Chairman Luke Kenley, R-Noblesville, said approval of the bill isn’t likely unless someone finds a way to replace the money. He did concede, though, that the change might stop some Hoosiers from moving to Florida to avoid the tax.
Posted by Marcia Oddi on January 17, 2011 09:30 AM
Posted to Indiana Law