Indiana’s inheritance tax will be phased out over ten years under a bill heading to Governor Mitch Daniels.
With the exception of charitable organizations and spouses, the inheritance tax is levied on people who inherit money or property. The legislature approved a measure Friday that will phase the tax out over the next ten years.
In the end, Indiana is estimated to lose about $165 million a year in revenue. Despite the revenue loss, bill author Eric Turner (R-Cicero) says eliminating the inheritance tax is simply good for Hoosiers.
“This bill will help small businesses, family farms and just regular folks who’ve saved a little bit over their lifetime and want to leave something to their children or grandchildren.”