Sec. 1. (a) For purposes of this section, the net taxable value of property interests transferred by a decedent to a particular transferee equals the remainder of: (1) the total fair market value of the property interests transferred by the decedent to the transferee under a taxable transfer or transfers; minus (2) the total amount of exemptions and deductions provided under sections 9.1 through 15 of IC 6-4.1-3 (before its repeal) with respect to the property interests so transferred. (b) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class A transferee is prescribed in the following table: NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED INHERITANCE TAX $25,000 or less 1% of net taxable value over $25,000 but not over $50,000 $250, plus 2% of net taxable value over $25,000 over $50,000 but not over $200,000 $750, plus 3% of net taxable value over $50,000 over $200,000 but not over $300,000 $5,250, plus 4% of net taxable value over $200,000 over $300,000 but not over $500,000 $9,250, plus 5% of net taxable value over $300,000 over $500,000 but not over $700,000 $19,250, plus 6% of net taxable value over $500,000 over $700,000 but not over $1,000,000 $31,250, plus 7% of net taxable value over $700,000 over $1,000,000 but not over $1,500,000 $52,250, plus 8% of net taxable value over $1,000,000 over $1,500,000 $92,250, plus 10% of net taxable value over $1,500,000 (c) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class B transferee is prescribed in the following table: NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED INHERITANCE TAX $100,000 or less 7% of net taxable value over $100,000 but not over $500,000 $7,000, plus 10% of net taxable value over $100,000 over $500,000 but not over $1,000,000 $47,000, plus 12% of net taxable value over $500,000 over $1,000,000 $107,000, plus 15% of net taxable value over $1,000,000 (d) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class C transferee is prescribed in the following table: NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED INHERITANCE TAX $100,000 or less 10% of net taxable value over $100,000 but not over $1,000,000 $10,000, plus 15% of net taxable value over $100,000 over $1,000,000 $145,000, plus 20% of net taxable value over $1,000,000
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