Will Hoosiers See Tax Breaks?

Will Hoosiers See Tax Breaks?

By Terry W. Prather CFP®, ChFC®

Indiana House Bill 1001 awaits Governor Mike Pence’s signature to become law.  One key part of this bill would be a full repeal of Indiana’s inheritance tax retroactive to January 1, 2013.  Due to legislation enacted last year, the inheritance tax is currently in a gradual “phase out” until its complete elimination in 2022.  By accelerating the repeal, House Bill 1001 would provide additional immediate relief to many heirs in the meantime.

Another tax cut in this bill is the reduction (although less than Gov. Pence’s proposal) of the Indiana individual income tax rate from 3.4% to 3.3% in 2015, then to 3.23% in 2017.  For many Hoosiers this cut isn’t substantial in dollar terms, but it’s certainly a step in the right direction.  For example, a couple with $250,000 of taxable income would see tax savings of $250 in 2015.

The wealth planning team at Payne Wealth Partners will continue to monitor tax legislation like this to help our clients navigate and understand how it may impact their specific personal situation.   www.paynewealthpartners.com


The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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