CHAPTER 11.5. INDIANA GENERATION-SKIPPING TRANSFER TAX

IC 6-4.1-11.5
    Chapter 11.5. Indiana Generation-Skipping Transfer Tax

IC 6-4.1-11.5-1
"Federal generation-skipping transfer tax"
    Sec. 1. As used in this chapter, "federal generation-skippingtransfer tax" means the tax imposed by Chapter 13 of Subtitle B ofthe Internal Revenue Code.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-2
"Federal generation-skipping transfer tax credit"
    Sec. 2. As used in this chapter, "federal generation-skippingtransfer tax credit" means the maximum allowable federalgeneration-skipping transfer tax credit under Section 2604 of theInternal Revenue Code for state generation-skipping transfer taxes.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-3
"Generation-skipping transfer"
    Sec. 3. As used in this chapter, "generation-skipping transfer"includes every transfer subject to the tax imposed under Chapter 13of Subtitle B of the Internal Revenue Code if:
        (1) the original transferor is a resident of Indiana on the date ofthe original transfer; or
        (2) the transferor is not a resident of Indiana and the transferredproperty is:
            (A) real property located in Indiana; or
            (B) tangible personal property that is legally located inIndiana.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-4
"Original transferor"
    Sec. 4. As used in this chapter, "original transferor" means adonor, grantor, testator, or trustor who by gift, grant, will, or trustmakes a transfer of real or personal property that results in theimposition of the federal generation-skipping transfer tax under theInternal Revenue Code.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-5
"Transfer tax"
    Sec. 5. As used in this chapter, "transfer tax" means the Indianageneration-skipping transfer tax imposed under section 7 of thischapter.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-6
"Transferred property"    Sec. 6. As used in this chapter, "transferred property" means realor personal property, whether located in Indiana or in anotherjurisdiction, the transfer of which gives rise to federalgeneration-skipping transfer tax.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-7
Generation-skipping transfer tax
    Sec. 7. The Indiana generation-skipping transfer tax is imposedupon every generation-skipping transfer.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-8
Amount of transfer tax
    Sec. 8. (a) The transfer tax is the amount determined in thefollowing formula:
        STEP ONE: Divide:
            (A) the value of the transferred property that is legallylocated in Indiana; by
            (B) the total value of the transferred property.
        STEP TWO: Multiply:
            (A) the quotient determined under STEP ONE; by
            (B) the federal generation-skipping transfer tax credit.
        STEP THREE: Determine the remainder of:
            (A) the federal generation-skipping transfer tax credit; minus
            (B) the generation-skipping transfer taxes paid to states otherthan Indiana.
        STEP FOUR: Determine the greater of:
            (A) the STEP TWO amount; or
            (B) the STEP THREE amount.
    (b) For purposes of this section, the value of the transferredproperty equals the final value of the property determined for federalgeneration-skipping transfer tax purposes.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-9
Due date of transfer tax
    Sec. 9. The transfer tax is due twelve (12) months after the dateof death of the person whose death resulted in thegeneration-skipping transfer.
As added by P.L.67-1991, SEC.1. Amended by P.L.252-2001, SEC.9.

IC 6-4.1-11.5-10
Payment of transfer tax
    Sec. 10. The transfer tax shall be paid to the department of staterevenue.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-11
Federal generation-skipping transfer tax credit; contents of filing    Sec. 11. A person who is required to file a return reporting ageneration-skipping transfer that reflects a federalgeneration-skipping transfer tax credit under federal statutes andregulations shall, on or before the date specified in section 9 of thischapter, file the following with the department of state revenue:
        (1) A copy of the federal return.
        (2) A schedule indicating:
            (A) the value of the transferred property legally located inIndiana; and
            (B) the results of the formula set forth in section 8 of thischapter.
As added by P.L.67-1991, SEC.1.

IC 6-4.1-11.5-12
Delinquent tax payment; interest
    Sec. 12. If the transfer tax is not paid on or before the due date setunder section 9 of this chapter, the person who is required to pay thetax shall pay, in addition to the tax, interest on the delinquent portionof the tax at the rate of six percent (6%) per year. Interest under thissection shall be charged from the due date of the tax until the date thetax is paid.
As added by P.L.67-1991, SEC.1.