Connecticut Seal

General Assembly

File No. 607

    February Session, 2010

Substitute Senate Bill No. 478

Senate, April 21, 2010

The Committee on Finance, Revenue and Bonding reported through SEN. DAILY of the 33rd Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.

T1

Amount of Connecticut

 

T2

Taxable Estate

Rate of Tax

T3

   

T4

Not over $2,000,000

None

T5

Over $2,000,000

 

T6

but not over $2,100,000

5.085% of the excess over $0

T7

Over $2,100,000

$106,800 plus 8% of the excess

T8

but not over $2,600,000

over $2,100,000

T9

Over $2,600,000

$146,800 plus 8.8% of the excess

T10

but not over $3,100,000

over $2,600,000

T11

Over $3,100,000

$190,800 plus 9.6% of the excess

T12

but not over $3,600,000

over $3,100,000

T13

Over $3,600,000

$238,800 plus 10.4% of the excess

T14

but not over $4,100,000

over $3,600,000

T15

Over $4,100,000

$290,800 plus 11.2% of the excess

T16

but not over $5,100,000

over $4,100,000

T17

Over $5,100,000

$402,800 plus 12% of the excess

T18

but not over $6,100,000

over $5,100,000

T19

Over $6,100,000

$522,800 plus 12.8% of the excess

T20

but not over $7,100,000

over $6,100,000

T21

Over $7,100,000

$650,800 plus 13.6% of the excess

T22

but not over $8,100,000

over $7,100,000

T23

Over $8,100,000

$786,800 plus 14.4% of the excess

T24

but not over $9,100,000

over $8,100,000

T25

Over $9,100,000

$930,800 plus 15.2% of the excess

T26

but not over $10,100,000

over $9,100,000

T27

Over $10,100,000

$1,082,800 plus 16% of the excess

T28

 

over $10,100,000

T29

Amount of Connecticut

   

T30

Taxable Estate

Rate of Tax

T31

   

T32

Not over $3,500,000

None

T33

Over $3,500,000

14.8% of the excess over

T34

but not over $3,600,000

$3,500,000

T35

Over $3,600,000

$14,800 plus 15.6% of the excess

T36

but not over $4,100,000

over $3,600,000

T37

Over $4,100,000

$92,800 plus 16.4% of the excess

T38

but not over $5,100,000

over $4,100,000

T39

Over $5,100,000

$256,800 plus 17.2% of the excess

T40

but not over $6,100,000

over $5,100,000

T41

Over $6,100,000

$428,800 plus 18.0% of the excess

T42

but not over $7,100,000

over $6,100,000

T43

Over $7,100,000

$608,800 plus 18.8% of the excess

T44

but not over $8,100,000

over $7,100,000

T45

Over $8,100,000

$796,800 plus 19.2% of the excess

T46

but not over $9,100,000

over $8,100,000

T47

Over $9,100,000

$988,880 plus 19.6% of the excess

T48

but not over $10,100,000

over $9,100,000

T49

Over $10,100,000

$1,184,800 plus 20.0% of the excess

T50

 

over $10,100,000

T51

Amount of Connecticut

 

T52

Taxable Estate

Rate of Tax

T53

   

T54

Not over $3,500,000

None

T55

Over $3,500,000

7.2% of the excess

T56

but not over $3,600,000

over $3,500,000

T57

Over $3,600,000

$7,200 plus 7.8% of the excess

T58

but not over $4,100,000

over $3,600,000

T59

Over $4,100,000

$46,200 plus 8.4% of the excess

T60

but not over $5,100,000

over $4,100,000

T61

Over $5,100,000

$130,200 plus 9.0% of the excess

T62

but not over $6,100,000

over $5,100,000

T63

Over $6,100,000

$220,200 plus 9.6% of the excess

T64

but not over $7,100,000

over $6,100,000

T65

Over $7,100,000

$316,200 plus 10.2% of the excess

T66

but not over $8,100,000

over $7,100,000

T67

Over $8,100,000

$418,200 plus 10.8% of the excess

T68

but not over $9,100,000

over $8,100,000

T69

Over $9,100,000

$526,200 plus 11.4% of the excess

T70

but not over $10,100,000

over $9,100,000

T71

Over $10,100,000

$640,200 plus 12% of the excess

T72

 

over $10,100,000

T73

Amount of Taxable Gifts

Rate of Tax

T74

   

T75

Not over $25,000

1%

T76

Over $25,000

$250, plus 2% of the excess

T77

but not over $50,000

over $25,000

T78

Over $50,000

$750, plus 3% of the excess

T79

but not over $75,000

over $50,000

T80

Over $75,000

$1,500, plus 4% of the excess

T81

but not over $100,000

over $75,000

T82

Over $100,000

$2,500, plus 5% of the excess

T83

but not over $200,000

over $100,000

T84

Over $200,000

$7,500, plus 6% of the excess

T85

 

over $200,000

T86

Amount of Taxable Gifts

Rate of Tax

T87

   

T88

Over $25,000

$250, plus 2% of the excess

T89

but not over $50,000

over $25,000

T90

Over $50,000

$750, plus 3% of the excess

T91

but not over $75,000

over $50,000

T92

Over $75,000

$1,500, plus 4% of the excess

T93

but not over $100,000

over $75,000

T94

Over $100,000

$2,500, plus 5% of the excess

T95

but not over $675,000

over $100,000

T96

Over $675,000

$31,250, plus 6% of the excess

T97

 

over $675,000

T98

Amount of Taxable Gifts

Rate of Tax

T99

   

T100

Not over $2,000,000

None

T101

Over $2,000,000

 

T102

but not over $2,100,000

5.085% of the excess over $0

T103

Over $2,100,000

$106,800 plus 8% of the excess

T104

but not over $2,600,000

over $2,100,000

T105

Over $2,600,000

$146,800 plus 8.8% of the excess

T106

but not over $3,100,000

over $2,600,000

T107

Over $3,100,000

$190,800 plus 9.6% of the excess

T108

but not over $3,600,000

over $3,100,000

T109

Over $3,600,000

$238,800 plus 10.4% of the excess

T110

but not over $4,100,000

over $3,600,000

T111

Over $4,100,000

$290,800 plus 11.2% of the excess

T112

but not over $5,100,000

over $4,100,000

T113

Over $5,100,000

$402,800 plus 12% of the excess

T114

but not over $6,100,000

over $5,100,000

T115

Over $6,100,000

$522,800 plus 12.8% of the excess

T116

but not over $7,100,000

over $6,100,000

T117

Over $7,100,000

$650,800 plus 13.6% of the excess

T118

but not over $8,100,000

over $7,100,000

T119

Over $8,100,000

$786,800 plus 14.4% of the excess

T120

but not over $9,100,000

over $8,100,000

T121

Over $9,100,000

$930,800 plus 15.2% of the excess

T122

but not over $10,100,000

over $9,100,000

T123

Over $10,100,000

$1,082,800 plus 16% of the excess

T124

 

over $10,100,000

T125

Amount of Connecticut

 

T126

Taxable Estate

Rate of Tax

T127

   

T128

Not over $3,500,000

None

T129

Over $3,500,000

14.8% of the excess over

T130

but not over $3,600,000

$3,500,000

T131

Over $3,600,000

$14,800 plus 15.6% of the excess

T132

but not over $4,100,000

over $3,600,000

T133

Over $4,100,000

$92,800 plus 16.4% of the excess

T134

but not over $5,100,000

over $4,100,000

T135

Over $5,100,000

$256,800 plus 17.2% of the excess

T136

but not over $6,100,000

over $5,100,000

T137

Over $6,100,000

$428,800 plus 18.0% of the excess

T138

but not over $7,100,000

over $6,100,000

T139

Over $7,100,000

$608,800 plus 18.8% of the excess

T140

but not over $8,100,000

over $7,100,000

T141

Over $8,100,000

$796,800 plus 19.2% of the excess

T142

but not over $9,100,000

over $8,100,000

T143

Over $9,100,000

$988,880 plus 19.6% of the excess

T144

but not over $10,100,000

over $9,100,000

T145

Over $10,100,000

$1,184,800 plus 20.0% of the excess

T146

 

over $10,100,000

T147

Amount of Taxable Gifts

Rate of Tax

T148

   

T149

Not over $3,500,000

None

T150

Over $3,500,000

7.2% of the excess

T151

but not over $3,600,000

over $3,500,000

T152

Over $3,600,000

$7,200 plus 7.8% of the excess

T153

but not over $4,100,000

over $3,600,000

T154

Over $4,100,000

$46,200 plus 8.4% of the excess

T155

but not over $5,100,000

over $4,100,000

T156

Over $5,100,000

$130,200 plus 9.0% of the excess

T157

but not over $6,100,000

over $5,100,000

T158

Over $6,100,000

$220,200 plus 9.6% of the excess

T159

but not over $7,100,000

over $6,100,000

T160

Over $7,100,000

$316,200 plus 10.2% of the excess

T161

but not over $8,100,000

over $7,100,000

T162

Over $8,100,000

$418,200 plus 10.8% of the excess

T163

but not over $9,100,000

over $8,100,000

T164

Over $9,100,000

$526,200 plus 11.4% of the excess

T165

but not over $10,100,000

over $9,100,000

T166

Over $10,100,000

$640,200 plus 12% of the excess

T167

 

over $10,100,000

This act shall take effect as follows and shall amend the following sections:

Section 1

from passage and applicable to estates of decedents who die on or after January 1, 2010

12-391(g)

Sec. 2

from passage and applicable to gifts made during calendar years commencing on or after January 1, 2010

12-642(a)

Sec. 3

May 1, 2010, and applicable to calendar quarters commencing on or after July 1, 2010

12-263b

Sec. 4

from passage

17b-192

Sec. 5

from passage

New section

Sec. 6

from passage and applicable to taxable years commencing on or after January 1, 2010

51-81b(h)

FIN

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY10$

FY 11 $

Dept of Social Services

GF – Potential Revenue Gain

Up to $2.7 million

Up to $10.8 million

Dept of Revenue Services

GF - Revenue Gain

$5.9 million

$278 million

Agency Affected

Fund-Effect

FY12 $

FY13 $

FY14 $

Dept of Revenue Services

GF –Revenue Gain

$64.4 million

none

none

VALUE OF

TAXABLE ESTATE OR GIFT

CURRENT LAW

THE BILL

On or After January 1, 2010

(Add cols. C & D)

On or After January 1, 2010 and Before January 1, 2012

(Add cols. E & F)

On or After January 1, 2012

(Same as Current Law)

(Add cols. G & H)

Col. A:

Over

Col. B:

But not over

Col. C:

Tax on

Col. A

Col. D:

Tax rate on

excess

over Col. A

Col. E:

Tax on

Col. A

Col. F:

Tax rate on

excess

over Col. A

Col. G:

Tax on

Col. A

Col. H:

Tax rate on

excess

over Col. A

0

$3,500,000

NO TAX

NO TAX

NO TAX

$3,500,000

3,600,000

0

7.2%

0

14.8%

0

7.2%

3,600,000

4,100,000

$7,200

7.8%

$14,800

15.6%

$7,200

7.8%

4,100,000

5,100,000

46,200

8.4%

92,800

16.4%

46,200

8.4%

5,100,000

6,100,000

130,200

9.0%

256,800

17.2%

130,200

9.0%

6,100,000

7,100,000

220,200

9.6%

428,800

18.0%

220,200

9.6%

7,100,000

8,100,000

316,200

10.2%

608,800

18.8%

316,200

10.2%

8,100,000

9,100,000

418,200

10.8%

796,800

19.2%

418,200

10.8%

9,100,000

10,100,000

526,200

11.4%

998,880

19.6%

526,200

11.4%

Over $10,100,000

640,200

12.0%

1,184,800

20.0%

640,200

12.0%

Yea

38

Nay

18

(04/06/2010)

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