CT SB01136

Estate tax credit of 200% of invested amounts applies to decedents dying on or after January 1, 2020, for investments in social impact bonds or venture capital funds held for 5+ years.

Commissioner of Economic and Community Development must submit legislative recommendations by January 17, 2020, for establishing a social impact bonding program targeting distressed municipalities.

Recommended program provisions must include criteria for eligible services (recidivism reduction, student performance, early childhood education, economic development, affordable housing), program structure, and investment parameters.

Section 12-391 is amended to establish Connecticut estate tax schedules for decedents dying on or after January 1, 2005, with taxable estate thresholds and tax rates ranging from 5.085% to 16% depending on the year of death.

Starting January 1, 2023, Connecticut estate tax applies a flat 12% rate on amounts exceeding the federal basic exclusion amount.