IC 6-4.1-5-1: Tax rates; transfers to Classes A, B, and C transferees

Sec. 1. (a) For purposes of this section, the net taxable value of property interests transferred by a decedent to a particular transferee equals the remainder of:

(1) the total fair market value of the property interests transferred by the decedent to the transferee under a taxable transfer or transfers; minus

(2) the total amount of exemptions and deductions provided under sections 9.1 through 15 of IC 6-4.1-3 (before its repeal) with respect to the property interests so transferred.

(b) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class A transferee is prescribed in the following table:

| NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED | INHERITANCE TAX

| $25,000 or less | 1% of net taxable value

| over $25,000 but not |

| | over $50,000 | $250, plus 2% of net

| | | taxable value over $25,000

| over $50,000 but not |

| | over $200,000 | $750, plus 3% of net taxable value over $50,000

| over $200,000 but not |

| | over $300,000 | $5,250, plus 4% of net taxable value over $200,000

| over $300,000 but not |

| | over $500,000 | $9,250, plus 5% of net taxable value over $300,000

| over $500,000 but not |

| | over $700,000 | $19,250, plus 6% of net taxable value over $500,000

| over $700,000 but not |

| | over $1,000,000 | $31,250, plus 7% of net taxable value over $700,000

| over $1,000,000 but not |

| | over $1,500,000 | $52,250, plus 8% of net taxable value over $1,000,000

| over $1,500,000 | $92,250, plus 10% of net taxable value over $1,500,000

(c) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class B transferee is prescribed in the following table:

| NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED | INHERITANCE TAX

| $100,000 or less | 7% of net taxable value

| over $100,000 but not |

| | over $500,000 | $7,000, plus 10% of net taxable value over $100,000

| over $500,000 but not |

| | over $1,000,000 | $47,000, plus 12% of net taxable value over $500,000

| over $1,000,000 | $107,000, plus 15% of net taxable value over $1,000,000

(d) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class C transferee is prescribed in the following table:

| NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED | INHERITANCE TAX |

| $100,000 or less | 10% of net taxable value

| over $100,000 but not |

| | over $1,000,000 | $10,000, plus 15% of net taxable value over $100,000

| over $1,000,000 | $145,000, plus 20% of net taxable value over $1,000,000