Indiana Farm Bureau
March 20, 2012
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IFB thanks governor, General Assembly for inheritance tax reform
Indiana Farm Bureau thanks Gov. Mitch Daniels for signing into law the act that reforms Indiana’s inheritance tax.
Senate Enrolled Act 293, which was signed today, phases out the state inheritance tax over a nine-year period beginning in 2013 and increases from $100,000 to $250,000 the amount that may be inherited by the next generation before the inheritance tax is assessed.
The increased exemptions will be in effect for the estates of anyone who died on or after Jan. 1, 2012. Phase-out begins Jan. 1, 2013, and the tax will be fully eliminated by 2021.
“Every farmer dreams of passing his farm down to his son or daughter, and the repeal of the inheritance tax eliminates at least one important barrier to that happening,” said IFB President Don Villwock. “This has been a policy objective for Indiana Farm Bureau for decades, and IFB members would like to thank the governor and the General Assembly for making it happen.”