From the Richmond Palladium- Item:
Farm Notes
"The Indiana General Assembly approved two changes sought by the Indiana Farm Bureau in its 2012 session.
Elimination of the state inheritance tax and delaying the use of new soil productivity adjustments for property taxes provide immediate, tangible benefits for all Hoosier farm families, IFB President Don Villwock said. The property tax changes are estimated to save Indiana farmers about $57.4 million next year.
The application of new soil productivity factors that were announced by the Department of Local Government Finance in early February will be delayed. The productivity factors, used to adjust the base assessed value of farmland, have been consistent for more than a quarter century, Villwock said. The new factors would have significantly increased the assessed value of farmland in the state and the property taxes paid on that land, he said.
Senate Enrolled Act 293 will phase out Indiana's inheritance tax over a nine-year period beginning in 2013. The act also increases from $100,000 to $250,000 the amount that may be inherited by the deceased's children and their children's surviving spouses before the inheritance tax is assessed. The increased exemptions will be in effect for the estates of anyone who died on or after Jan. 1, 2012."
http://www.pal-item.com/apps/pbcs.dll/article?AID=2012203250315
