Attorney Melanie Farr gives an update on the status of SB 148
Posted by: Melanie Farr
February 17, 2011
Topic: Estate Planning
Columbia City Representative Senator Jim Banks introduced Senate Bill 148 to the Senate Tax and Fiscal Policy Committee. Senate Bill 148 proposes to eliminate state inheritance tax with a phase out of the tax over a five (5) year period starting in 2013.
Currently, there is a $100,000 exemption for each parent, child, grandparent and grandchild inheriting property from each other. The inheritance tax rate for inheritances over the exemption amount ranges from 1% to 10%. The exemption amounts are much less for other relatives and non-relatives and the tax rates are higher. The result in eliminating the state inheritance tax is an estimated lost tax revenue of $135 million annually.
Due to this result, the bill will not be considered this session. Stay tuned.
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