Rep. Wesco championed this issue throughout the 2013 legislative session. Last year, legislation was passed that would gradually phase out Indiana’s inheritance tax over 10 years, eliminating it completely by 2023. Rep. Wesco supported the 10 year phase out to responsibly reduce the immediate impact on strained state budgets. However, due to higher than anticipated state revenue, Rep. Wesco felt the immediate and retroactive elimination of the tax was necessary.
“It is very exciting to see the inheritance tax being eliminated as a means to provide financial relief for Hoosiers who want to keep farms and businesses in the family,” said Rep. Wesco. “This tax served as a reason for Hoosiers to retire elsewhere, which is a message we do not want to send to Hoosiers. We want to be encouraging to all Hoosiers who have dedicated their lives to building a business and provided for their families here. As an added benefit to this tax being eliminated, the size of government will be reduced as less tax professionals will be needed to administer this tax.”
The budget, House Enrolled Act 1001, passed with bipartisan support on the final night of the 2013 legislative session. It was signed into law today at a ceremony in Crawfordsville. The inheritance tax portion of the state budget goes into effect retroactively, beginning Jan. 1, 2013.
“So many Hoosiers are forced to sell their family farms or businesses because they simply cannot afford to keep them,” said Rep. Wesco. “This legislation will give parents and grandparents the peace of mind to know they can keep their farms and businesses in the family without burdening their children and grandchildren. Eliminating this tax is the right move for Indiana.”
To see other legislation that has been signed into law by Gov. Mike Pence, visit http://www.in.gov/gov/billwatch.htm.