From the Vincennes Sun-Commercial:
Indiana’s so-called death tax has one foot in the grave after Gov. Mike Pence signed legislation into law repealing the state’s inheritance tax last month.
The move brings Hoosier taxpayers in line with the majority of other states..
But the lost revenues will affect more than just the state coffers, as each of the Indiana’s 92 counties received a cut of the pay-out as well.
In Knox County more than $330,000 in inheritance-tax revenue has been deposited into the General Fund over the last two years.
Auditor Mindy Wessel said the county will feel an slight impact.
“With the installment of the repeal, Knox County is going to be less that amount of money,” she said. “That money usually comes in and goes into the General Fund and is then spread around for the county to support the departmental budgets.”
So far this year, she said, Knox County residents have paid more than $1.1 million in inheritance taxes. But because the courthouse has continued to see some tax receipts from deaths that occurred last year, it’s unknown how much of that will have to be returned back to taxpayers.
“We just don’t know at this point who had died in 2012 in comparison to those who died in 2013, so the number is a rather broad total from the end of last year, of those who may not have paid until this year,” Wessel explained. “I really do think a lot of these are from last year, but those who passed away after Jan, 1, they’ll be getting that money back.”
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See the full article here:
http://www.suncommercial.com/articles/2013/06/06/news/local_news/doc51b1319b3e9db206917028.txt
