inheritance tax

Term	Definition
inheritance tax	Inheritance tax has been repealed. Quarterly reports for Inheritance Tax payments for decedents who died before January 1, 2013 still need to be prepared and filed. Whenever the court finds inheritance tax due on any case before it, Form 9-1950, Order Determining Value of Estate and Amount of Tax, is made out by the court and forwarded to the treasurer. This form lists the amount of tax to be collected by the treasurer. Any person paying inheritance tax to the treasurer should first obtain an Order. If such tax is paid within nine (9) months from date of death; a discount of five percent (5%) shall be allowed and deducted there from. If such tax is not paid within twelve (12) months from date of death, interest shall be charged and collected thereon at the rate of ten percent (10%) per annum, from the date of death to date of payment. [IC 6-4.1-9-1; 6-4.1-9-2] (Quarterly reporting requirement would be removed if SB 308 passes the 2016 Session)

Term

Definition

Inheritance tax has been repealed. Quarterly reports for Inheritance Tax payments for decedents who died before January 1, 2013 still need to be prepared and filed. Whenever the court finds inheritance tax due on any case before it, Form 9-1950, Order Determining Value of Estate and Amount of Tax, is made out by the court and forwarded to the treasurer. This form lists the amount of tax to be collected by the treasurer. Any person paying inheritance tax to the treasurer should first obtain an Order. If such tax is paid within nine (9) months from date of death; a discount of five percent (5%) shall be allowed and deducted there from. If such tax is not paid within twelve (12) months from date of death, interest shall be charged and collected thereon at the rate of ten percent (10%) per annum, from the date of death to date of payment. [IC 6-4.1-9-1; 6-4.1-9-2]

(Quarterly reporting requirement would be removed if SB 308 passes the 2016 Session)