General Assembly Proposed Bill No. 5195
February Session, 2016 LCO No. 401
*00401*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. ALBIS, 99th Dist.
General Assembly
Proposed Bill No. 5195
February Session, 2016
LCO No. 401
*00401*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. ALBIS, 99th Dist.
AN ACT CONCERNING AN EXEMPTION FROM THE ESTATE TAX FOR PROPERTY CLASSIFIED AS FARMLAND.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 217 of the general statutes be amended to provide an exemption from the estate tax in an amount up to the federal estate tax exemption level, which is currently 5.4 million dollars, for farm land classified under the state's 490 program.
Statement of Purpose:
To provide an exemption from the estate tax in an amount up to the federal estate tax exemption level for farm land classified under the state's 490 program.