Bill Summary

• Repeals Connecticut's estate tax and gift tax effective January 1, 2017, for all decedents dying and gifts made on or after that date.

• Maintains existing estate and gift tax obligations for decedents dying and gifts made before January 1, 2017, under current tax schedules and rates.

• Eliminates the $20 million estate tax cap that applied to decedents dying between January 1, 2016 and December 31, 2016.

• Amends sections 12-391, 12-392, 12-640, 12-642, and 12-643 of the general statutes to implement the repeal while preserving prior law for transitional periods.