General Assembly Proposed Bill No. 723
January Session, 2013 LCO No. 2467
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. STILLMAN, 20th Dist.
General Assembly
Proposed Bill No. 723
January Session, 2013
LCO No. 2467
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. STILLMAN, 20th Dist.
AN ACT CONCERNING AN EXEMPTION FROM THE ESTATE TAX FOR FARM ASSETS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 217 of the general statutes be amended to exempt from the estate tax the passage of farm assets from a deceased individual to a child or sibling of the deceased individual, when the child or sibling continues the farm operation.
Statement of Purpose:
To help preserve the viability of family working farms, who may otherwise have to sell off farm land to pay the estate tax.