CT SB00367

Adds a new definition of "Connecticut taxable estate" for decedents dying on or after January 1, 2015, which includes the gross estate, aggregate Connecticut taxable gifts made since January 1, 2005 (excluding gifts already in the gross estate), and gift taxes paid to Connecticut within three years before death

Modifies the estate tax imposed on Connecticut resident estates dying on or after January 1, 2015, allowing credits for gift taxes paid by both the decedent and the decedent's spouse on gifts includable in the decedent's gross estate

Amends subsection (d)(2) to clarify that reductions for out-of-state property are calculated using a fraction with "numerator" and "denominator" terminology replacing previous numbering

Updates the definition period for estates dying between January 1, 2010 and January 1, 2015 to distinguish them from those dying on or after January 1, 2015

Takes effect from passage and amends section 12-391(c) and (d) of the Connecticut General Statutes