Collection of tax; remittance; deposit; distribution to counties
Sec. 6. (a) The department of state revenue shall collect the
Indiana estate tax and the interest charges imposed under this
chapter. The department shall remit the money which it collects
under this chapter to the state treasurer, and the state treasurer shall
deposit the money in the state general fund.
(b) Before August 15 of each year, the treasurer of state shall
distribute to each county the amount determined under subsection (c)
for the county. There is appropriated from the state general fund the
amount necessary to make the distributions under this section.
(c) The department of state revenue shall determine the
inheritance tax replacement amount for each county, using the
following formula:
STEP ONE: Determine the amount of inheritance tax revenue
retained by each county in each state fiscal year beginning with
the state fiscal year that began July 1, 1990, and ending with the
state fiscal year that ends June 30, 1997.
STEP TWO: Determine the average annual amount of
inheritance tax revenue retained by each county using five (5)
of the seven (7) state fiscal years described in STEP ONE after
excluding the two (2) years in which each county retained its
highest and lowest totals of inheritance tax revenue.
STEP THREE: Determine the remainder of the STEP TWO
amount minus the amount of inheritance taxes retained by the
county during the immediately preceding state fiscal year.
As added by Acts 1976, P.L.18, SEC.1. Amended by
P.L.254-1997(ss), SEC.11.
Last modified: May 28, 2006