General Assembly Proposed Bill No. 5
January Session, 2017 LCO No. 329
*00329*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. LOONEY, 11th Dist.
General Assembly
Proposed Bill No. 5
January Session, 2017
LCO No. 329
*00329*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. LOONEY, 11th Dist.
AN ACT INCREASING THE ESTATE TAX EXEMPTION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 12-391 of the general statutes be amended to increase the Connecticut estate tax exemption from two million dollars to five million four hundred ninety thousand dollars in three annual increments, beginning with the estates of decedents dying on or after January 1, 2018, as follows: (1) For deaths occurring on or after January 1, 2018, but prior to January 1, 2019, three million dollars; (2) for deaths occurring on or after January 1, 2019, but prior to January 1, 2020, four million dollars; and (3) for deaths occurring on or after January 1, 2020, five million four hundred ninety thousand dollars.
Statement of Purpose:
To provide tax equity by increasing the Connecticut estate tax exemption to match the federal estate tax exemption.