HB 07375 Summary

• Defines "federal basic exclusion amount" in estate and gift tax law to reference the annually published IRS threshold for federal estate tax filing requirements, replacing fixed dollar amounts effective October 1, 2019.

• Updates estate tax return filing thresholds for decedents dying on or after January 1, 2023 to use the federal basic exclusion amount instead of the previous $5.49 million threshold.

• Makes technical corrections throughout Connecticut tax statutes including clarifying language on real estate investment trust dividend deductions, tax credit limitations, and sales/use tax return reporting requirements effective October 1, 2019.

• Revises definitions and provisions related to alcoholic beverage taxation, petroleum product taxation, income tax adjustments, and property tax relief programs through grammatical and conforming updates.

• Corrects cross-references and effective dates in sections related to fiscal year revenue recording, trust fund administration, electronic nicotine delivery systems, and repeals obsolete section 12-35g effective upon passage or October 1, 2019.