¿This tax is inherently wrong and should be repealed,¿ said Representative Turner. ¿We are responsibly phasing out the inheritance tax over five years and by doing this we are encouraging working men and women to save for their retirement and pass it on to their heirs. Why tax them on something they have already been taxed on?¿
In general, estates or beneficiaries of Indiana residents are required to file an inheritance tax return if the value of transfers to any beneficiary is greater than the exemption allowed for that beneficiary. The committee report proposed by House Republicans includes a five-year phase-out of the Indiana Inheritance Tax, raising the Class A exemption from $100,000 to $200,000. By law, the Class A exemption includes lineal ancestors and descendants, such as grandparents, parents, children, step-children, and grandchildren. Eventually, Class A beneficiaries would have been exempt from the tax, effectively eliminating the Death Tax.
¿Currently, 37 other states do not have the inheritance tax, and House Republicans gave every effort to repeal the Death Tax today,¿ said Representative Turner. ¿The session is not over and it is my hope that we can work to get this proposal passed before the legislative session ends.¿
Representative Turner represents House District 32, which includes portions of Grant, Howard, Miami, Tipton and Hamilton Counties.