General Assembly Proposed Bill No. 424 January Session, 2013 LCO No. 1067 Referred to Committee on FINANCE, REVENUE AND BONDING Introduced by: SEN. BOUCHER, 26th Dist. General Assembly Proposed Bill No. 424 January Session, 2013 LCO No. 1067 Referred to Committee on FINANCE, REVENUE AND BONDING Introduced by: SEN. BOUCHER, 26th Dist. AN ACT PHASING OUT THE GIFT TAX. Be it enacted by the Senate and House of Representatives in General Assembly convened: That the general statutes be amended to phase out the gift tax over a four-year period, with the tax reduced by one-quarter in each year. Statement of Purpose: To phase out the gift tax.