I supported legislation this year that will begin phasing out Indiana’s inheritance tax. Indiana was one of very few states in the country that still had an inheritance tax, and I believe this new law will have a very positive impact on Hoosiers. Once the phase out is complete, beneficiaries will no longer be burdened with paying any inheritance taxes on the small businesses, farms or homes they inherit.
No parent wants to burden their children with taxes. This law will give parents and grandparents peace of mind when passing down assets to their children and grandchildren. I believe this law was the right move for Indiana. It will create a desirable tax environment for our state, which is vital to ensuring that Hoosiers are staying in Indiana after retirement – without penalization.
On July 1, another law went into effect regarding public pensions. This law will help retired state employees. The bill was driven by the fact that retirees have not received a cost of living adjustment in their retirement benefits in the last three years. Additionally, the new law will provide a thirteenth check to members of the (1) Indiana State Teachers' Retirement Fund (TRF); (2) Public Employees' Retirement Fund (PERF); (3) State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Officers' Retirement Fund (C&E Fund) and (4) ISP 1987 Benefit System. I supported this legislation because it will help our retired employees cope with inflation, and it shows continued respect and appreciation for their service.
For more information on these new laws, or for a complete list of new Indiana laws, please visit http://www.in.gov/legislative/reports/2012/2012GOV.PDF. As always, please contact me with any questions, concerns or input by calling 317-232-9647 or by emailing H83@in.gov.