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

As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1977(ss), P.L.6, SEC.7; Acts 1979, P.L.75, SEC.10; Acts 1980, P.L.57, SEC.12; P.L.87-1983, SEC.5; P.L.86-2018, SEC.78.