Researcher: RP Page 1 4/25/22
OLR Bill Analysis
sHB 5475
AN ACT CONCERNING THE LEGISLATIVE COMMISSIONERS'
RECOMMENDATIONS FOR MINOR AND TECHNICAL REVISIONS
TO THE TAX AND RELATED STATUTES.
SUMMARY
This bill makes numerous minor and technical changes in state tax
and other related statutes. Among its changes, the bill does the
following:
1. corrects statutory references to personal property declarations
required under CGS § 12-41 (§§ 2 & 4-9),
2. eliminates obsolete provisions (§§ 12-13 & 24),
3. reestablishes definitions of “federal basic exclusion amount” for
purposes of the estate and gift tax laws and corrects a reference
to the taxable threshold for filing estate tax returns (§§ 15-17), and
4. makes a technical correction to the effective date of a provision in
the FY 22-23 budget implementer act authorizing ambulatory
surgical centers (ASCs) to file written refund claims (§ 44).
EFFECTIVE DATE: October 1, 2022, except the ASC filing effective
date correction takes effect upon passage.
TECHNICAL CORRECTIONS TO THE ESTATE AND GIFT TAX
LAWS
The bill (1) reestablishes definitions of “federal basic exclusion
amount” for purposes of the estate and gift tax laws and (2) corrects a
reference to the taxable threshold for filing estate tax returns with the
revenue services commissioner.
Under the bill, the “federal basic exclusion amount” for the estate tax
is the dollar amount published annually by the Internal Revenue Service 2022HB-05475-R000595-BA.DOCX
Researcher: RP Page 2 4/25/22
(IRS) at which a decedent would be required to file a federal estate tax
return based on the value of his or her gross estate and federal taxable
gifts. For the gift tax, it is the IRS-published dollar amount over which a
donor would owe federal gift tax based on the value of the donor’s
federally taxable gifts. The same definitions applied under prior law
(before PAs 18-49 and -81).
BACKGROUND
Related Bill
HB 5473 (§§ 17-19) and sSB 441 (§ 2), favorably reported by the
Finance, Revenue and Bonding Committee, in clude the same
corrections to the estate and gift tax laws and ASC filing effective date
provision, respectively.
COMMITTEE ACTION
Finance, Revenue and Bonding Committee
Joint Favorable Substitute
Yea 51 Nay 0 (04/06/2022)