Brought to you by WBIW News and Network Indiana
Last updated on Saturday, March 10, 2012
(STATEHOUSE) - Indiana’s inheritance tax would disappear in 2022 under a bill on its way to Governor Daniels.
The Senate voted unanimously to phase out the inheritance tax over the next 10 years, following a 78-17 vote in the House. The bill would be retroactive to January 1, meaning heirs to large estates would receive some immediate relief.
House sponsor Eric Turner (R-Marion) says the inheritance tax gives the government a second bite of money it's already taxed once.
Gary Democrat Vernon Smith grew emotional as he recounted how he sacrificed to pay his way through college -- he says the state shouldn't be allowed to get in the way of his attempt to make things easier for the next generation.
But Bloomington Democrat Matt Pierce questions the house's priorities. He says if the state can afford to sacrifice an estimated 165-million dollars a year when the phaseout takes full effect, it could do more good by paying for students' textbooks.
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