Magazine article The CPA Journal

Changes to Connecticut Gift and Estate Taxes

Magazine article The CPA Journal

Changes to Connecticut Gift and Estate Taxes

Article excerpt

Legislation signed by Connecticut Governor M. Jodi Rell on June 30, 2005, enacted significant changes to the Connecticut gift tax, the Connecticut estate tax, and the Connecticut succession tax.

Connecticut gift tax. On or after January 1, 2005, persons making Connecticut taxable gifts (donors) will be required to file a return with the Department of Revenue Services (DRS) reporting even though no gift tax may (or may yet) be payable. Connecticut gift tax will not be payable until the sum of Connecticut taxable gifts made during all years beginning on or after January 1, 2005, exceeds $2 million. Connecticut taxable gifts are those federal taxable gifts that are gifts of real or tangible personal property situated within Connecticut (and, for donors who are Connecticut residents, gifts of intangible personal property).

Connecticut estate tax. The representatives of the estate of a decedent dying on or after January 1, 2005. must file a return with DRS if the decedent's Connecticut taxable estate is more than $2 million. …

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