INDIANAPOLIS — Indiana Rep. Tim Wesco, R-Osceola, has introduced legislation that would eliminate the state inheritance tax.
Legislation passed last year would phase the tax out gradually by 2023. Wesco, according to a press release, is now proposing a measure, House Bill 1230, that would take effect immediately, applicable to property interests “transferred by decedents whose deaths occur after Dec. 31, 2012.”
Wesco cited “higher-than-anticipated state revenue” for phasing the inheritance tax out now.
“We can and should now responsibly eliminate this onerous tax to preserve and protect our locally-owned family businesses and farms,” Wesco said. “Many Hoosiers find themselves having to sell their family farms and businesses because of hefty inheritance taxes imposed on them by the passing of a loved one, and we need to change that.”
H.B. 1230 has been referred to the House Committee on Ways and Means.