Connecticut 2019 Regular Session Status: In Committee

SB 1136 — AN ACT ESTABLISHING A CREDIT AGAINST THE ESTATE TAX AND REQUIRING RECOMMENDATIONS FOR THE ESTABLISHMENT OF A SOCIAL IMPACT BONDING PROGRAM.

Last action — FILE NO. 927

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

518 added · 441 removed

518 line(s) added, 441 removed.

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General Assembly Substitute Bill No.
General Assembly Raised Bill No.
1136 January Session, 2019 AN ACT ESTABLISHING A CREDIT AGAINST THE ESTATE TAX AND REQUIRING RECOMMENDATIONS FOR THE ESTABLISHMENT OF A SOCIAL IMPACT BONDING PROGRAM.
1136 January Session, 2019 LCO No.
7242 Referred to Committee on FINANCE, REVENUE AND BONDING Introduced by:
(FIN) AN ACT ESTABLISHING A CREDIT AGAINST THE ESTATE TAX, REQUIRING RECOMMENDATIONS FOR THE ESTABLISHMENT OF A SOCIAL IMPACT BONDING PROGRAM AND CONCERNING A CAPITAL GAINS SURCHARGE AND THE USE OF THE REVENUE THEREFROM.
(NEW) (Effective from passage) With respect to the estates of decedents dying on or after January 1, 2020, the tax calculated pursuant to the provisions of section 12-391 of the general statutes, as amended by this act, shall be reduced by an amount equal to two hundred per cent of the amount invested by a decedent in (1) social impact bonds authorized under a social impact bonding program established by the Department of Economic and Community Development pursuant to a general statute or public act that empowers said commissioner to establish such program, (2) a venture capital fund established pursuant to section 32-41oo of the general statutes, or (3) both, provided any such amount invested by the decedent shall have been invested in such bonds or fund, as applicable, for five years or more at the time of such decedent's death.
(NEW) (Effective from passage) With respect to the estates of decedents dying on or after January 1, 2020, the tax calculated pursuant to the provisions of section 12-391 of the general statutes shall be reduced by an amount equal to two hundred per cent of the amount invested by a decedent in (1) social impact bonds authorized under a social impact bonding program established by the Department of Economic and Community Development pursuant to a general statute or public act that empowers said commissioner to establish such program, (2) a venture capital fund established by Connecticut Innovations, Incorporated pursuant to section 32-41oo of the general statutes, or (3) both, provided any such amount invested by the decedent shall have been invested in such bonds or fund, as LCO No.
7242 1 of 22 Raised Bill No.1136 applicable, for five years or more at the time of such decedent's death.
(Effective from passage) Not later than January 17, 2020, the Commissioner of Economic and Community Development shall submit, in accordance with the provisions of section 11-4a of the general statutes, legislative recommendations to the joint standing committee of the General Assembly having cognizance of matters LCO \\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01136-R1 of 19 SB.docx Substitute Bill No.
(Effective from passage) Not later than January 17, 2020, the Commissioner of Economic and Community Development shall submit, in accordance with the provisions of section 11-4a of the general statutes, legislative recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to bonding for the establishment of a social impact bonding program to be administered by the Department of Economic and Community Development.
1136 relating to bonding for the establishment of a social impact bonding program to be administered by the Department of Economic and Community Development.
Such recommendations shall include, but need not be limited to, provisions regarding (1) criteria for eligible services and service providers under the program, including, but not limited to, those that seek to reduce recidivism, improve student performance in schools, provide or improve early childhood education, promote economic development or affordable housing, increase home ownership rates within a defined area or increase property values within a defined area, (2) the structure of the program, including, but not limited to, the responsibilities and duties of the parties contracting with the department or other entities under the program to issue bonds or provide services, and (3) parameters or requirements for (A) investments, return on investments and other related payments made or received under the program, and (B) the use of any such investments, returns or payments.
Such recommendations shall include, but not be limited to, provisions regarding (1) criteria for eligible services and service providers under the program, including, but not limited to, those that seek to reduce recidivism, improve student performance in schools, provide or improve early childhood education, promote economic development or affordable housing, increase home ownership rates within a defined area or increase property values within a defined area, (2) the structure of the program, including, but not limited to, the responsibilities and duties of the parties contracting with the department or other entities under the program to issue bonds or provide services, and (3) parameters or requirements for (A) investments, return on investments and other related payments made or received under the program, and (B) the use of any such investments, returns or payments.
(NEW) (Effective January 1, 2020) (a) For taxable years commencing on or after January 1, 2020, there is imposed a surcharge on a taxpayer, excluding trusts or estates, whose Connecticut adjusted gross income is equal to or greater than the threshold amount specified in section 12-700 of the general statutes for imposition of the highest marginal rate on such taxpayer.
Such surcharge shall be at the rate of one and one-half per cent of the net gain from the sale or exchange of capital assets, as determined for federal income tax purposes, that are includable in such taxpayer's Connecticut adjusted gross income and LCO No.
7242 2 of 22 Raised Bill No.1136 are derived from or connected with sources within this state.
The surcharge shall be in addition to any other tax, fee or surcharge for which the taxpayer is liable.
The tax collected by the state under this section shall be deposited in the capital gains account established under subsection (g) of this section.
(b) Each taxpayer subject to the surcharge shall file a report, in accordance with the provisions of subsection (a) of section 12-719 of the general statutes, with the Commissioner of Revenue Services in such form and containing such information as the commissioner may prescribe.
Such return shall accurately set forth the amount of the net gain calculated pursuant to subsection (a) of this section for the preceding taxable year and the amount of the taxpayer's surcharge liability for such year.
A person required to file a report shall, without assessment, notice or demand, pay any surcharge due thereon to the commissioner on or before the date specified in subsection (a) of section 12-719 of the general statutes, determined without regard to any extension of time for filing the report.
(c) If any person fails to pay the amount of the surcharge reported due on a report within the time specified, there shall be imposed a penalty equal to ten per cent of such amount due and unpaid, or fifty dollars, whichever is greater.
Such amount shall bear interest at the rate of one per cent per month or fraction thereof, from the due date of such surcharge until the date of payment.
Subject to the provisions of section 12-3a of the general statutes, the commissioner may waive all or part of the penalties provided under this section when it is proven to the commissioner's satisfaction that the failure to pay any surcharge was due to reasonable cause and was not intentional or due to neglect.
(d) The provisions of sections 12-550 to 12-554, inclusive, and sections 12-555a, 12-723, 12-728, 12-729 and 12-733 of the general statutes shall apply to the provisions of this section in the same manner and with the same force and effect as if the language of said sections had been incorporated in full into this section and had LCO No.
7242 3 of 22 Raised Bill No.1136 expressly referred to the surcharge under this section, except to the extent that any provision is inconsistent with a provision in this section.
(e) The commissioner may adopt regulations, in accordance with the provisions of chapter 54 of the general statutes, to implement the provisions of this section.
(f) At the close of each fiscal year commencing with the fiscal year ending June 30, 2020, the Comptroller is authorized to record as revenue for such fiscal year the amount of the surcharge imposed under the provisions of this section that is received by the commissioner not later than five business days from the last day of July immediately following the end of such fiscal year.
(g) There is established an account to be known as the "capital gains account" which shall be a separate, nonlapsing account within the General Fund.
The account shall contain any moneys required by law to be deposited in the account.
Moneys in the account shall be expended by the Treasurer as follows:
(1) For fiscal years commencing July 1, 2019, and July 1, 2020, making the payments required pursuant to section 5-156a of the general statutes or 10-183z of the general statutes or both, as selected by the Treasurer in the best interests of the state;
and (2) For fiscal years commencing on or after July 1, 2021, as selected by the Treasurer in the best interests of the state, for (A) making additional payments toward unfunded past service liability of the state employees retirement system or of the teachers' retirement system, (B) making payments to investors under a social impact bonding program established by the Department of Economic and Community Development pursuant to a general statute or public act that empowers said commissioner to establish such program, or (C) a combination of subdivisions (1) and (2) of this subsection.
Any payments made pursuant to this subdivision shall be in addition to LCO No.
7242 4 of 22 Raised Bill No.1136 any other contributions or payments required pursuant to section 5- 156a of the general statutes, 10-183z of the general statutes or subdivision (1) of subsection (c) of section 4-30a of the general statutes.
Sec.
4.
If real or tangible personal property of such decedent is located outside this state and is subject to estate, inheritance, legacy, or succession taxes by any state or states, other than the state of Connecticut, or by LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0112 of 19 R01-SB.docx } Substitute Bill No.
If real or tangible personal property of such decedent is located outside this state and is subject to estate, inheritance, legacy, or succession taxes by any state or states, other than the state of Connecticut, or by the District of Columbia for which such federal credit is allowable, the amount of tax due under this section shall be reduced by the lesser of:
1136 the District of Columbia for which such federal credit is allowable, the amount of tax due under this section shall be reduced by the lesser of:
Property of a resident estate over which this state has jurisdiction for estate tax purposes includes real property situated in this state, tangible personal property having an actual situs in this state, and intangible personal property owned by the decedent, regardless of where it is located.
Property of a resident estate over which this state has jurisdiction for estate tax purposes includes real property situated in this state, tangible personal property having an actual situs in this state, and intangible personal property owned by the decedent, LCO No.
7242 5 of 22 Raised Bill No.1136 regardless of where it is located.
Property of a nonresident estate over which this state has jurisdiction LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113 of 19 R01-SB.docx } Substitute Bill No.
Property of a nonresident estate over which this state has jurisdiction for estate tax purposes includes real property situated in this state and tangible personal property having an actual situs in this state.
1136 for estate tax purposes includes real property situated in this state and tangible personal property having an actual situs in this state.
The deduction for state death taxes paid under Section 2058 of said code shall be disregarded.
The deduction LCO No.
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7242 6 of 22 Raised Bill No.1136 for state death taxes paid under Section 2058 of said code shall be disregarded.
(C) "Connecticut taxable estate" means, with respect to the estates of decedents dying on or after January 1, 2015, (i) the gross estate less allowable deductions, as determined under Chapter 11 of the Internal Revenue Code, plus (ii) the aggregate amount of all Connecticut taxable gifts, as defined in section 12-643, made by the decedent for all calendar years beginning on or after January 1, 2005, other than Connecticut taxable gifts that are includable in the gross estate for federal estate tax purposes of the decedent, plus (iii) the amount of any tax paid to this state pursuant to section 12-642 by the decedent or the LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01134 of 19 R01-SB.docx } Substitute Bill No.
(C) "Connecticut taxable estate" means, with respect to the estates of decedents dying on or after January 1, 2015, (i) the gross estate less allowable deductions, as determined under Chapter 11 of the Internal Revenue Code, plus (ii) the aggregate amount of all Connecticut taxable gifts, as defined in section 12-643, made by the decedent for all calendar years beginning on or after January 1, 2005, other than Connecticut taxable gifts that are includable in the gross estate for federal estate tax purposes of the decedent, plus (iii) the amount of any tax paid to this state pursuant to section 12-642 by the decedent or the decedent's estate on any gift made by the decedent or the decedent's spouse during the three-year period preceding the date of the decedent's death.
1136 decedent's estate on any gift made by the decedent or the decedent's spouse during the three-year period preceding the date of the decedent's death.
(d) (1) (A) With respect to the estates of decedents who die on or after January 1, 2005, but prior to January 1, 2010, a tax is imposed upon the transfer of the estate of each person who at the time of death was a resident of this state.
LCO No.
7242 7 of 22 Raised Bill No.
1136 (d) (1) (A) With respect to the estates of decedents who die on or after January 1, 2005, but prior to January 1, 2010, a tax is imposed upon the transfer of the estate of each person who at the time of death was a resident of this state.
(C) With respect to the estates of decedents who die on or after January 1, 2015, but prior to January 1, 2016, a tax is imposed upon the LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01135 of 19 R01-SB.docx } Substitute Bill No.
(C) With respect to the estates of decedents who die on or after January 1, 2015, but prior to January 1, 2016, a tax is imposed upon the transfer of the estate of each person who at the time of death was a resident of this state.
1136 transfer of the estate of each person who at the time of death was a resident of this state.
(D) With respect to the estates of decedents who die on or after January 1, 2016, but prior to January 1, 2019, a tax is imposed upon the transfer of the estate of each person who at the time of death was a resident of this state.
(D) With respect to the estates of decedents who die on or after January 1, 2016, but prior to January 1, 2019, a tax is imposed upon the transfer of the estate of each person who at the time of death was a LCO No.
7242 8 of 22 Raised Bill No.1136 resident of this state.
(E) With respect to the estates of decedents who die on or after January 1, 2019, a tax is imposed upon the transfer of the estate of each LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0116 of 19 R01-SB.docx } Substitute Bill No.
(E) With respect to the estates of decedents who die on or after January 1, 2019, a tax is imposed upon the transfer of the estate of each person who at the time of death was a resident of this state.
1136 person who at the time of death was a resident of this state.
Such fifteen-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 by the decedent or the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12-642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
Such fifteen-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 by the decedent or LCO No.
7242 9 of 22 Raised Bill No.1136 the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12-642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
The state is permitted to calculate the estate tax and LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-011367 of 19 R01-SB.docx } Substitute Bill No.
The state is permitted to calculate the estate tax and levy said tax to the fullest extent permitted by the Constitution of the United States.
1136 levy said tax to the fullest extent permitted by the Constitution of the United States.
A credit shall be allowed against such tax for any taxes paid to this state pursuant to section 12-642, for Connecticut taxable gifts made on or after January 1, 2005, but prior to January 1, 2010.
A credit shall be allowed against such tax for any taxes paid to this state LCO No.
7242 10 of 22 Raised Bill No.
1136 pursuant to section 12-642, for Connecticut taxable gifts made on or after January 1, 2005, but prior to January 1, 2010.
The amount of such tax shall be computed by multiplying (i) the amount of tax determined using the schedule in subsection (g) of this section by (ii) a fraction, the numerator of which LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-011368 of 19 R01-SB.docx } Substitute Bill No.
The amount of such tax shall be computed by multiplying (i) the amount of tax determined using the schedule in subsection (g) of this section by (ii) a fraction, the numerator of which is the value of that part of the decedent's gross estate over which this state has jurisdiction for estate tax purposes, and the denominator of which is the value of the decedent's gross estate.
1136 is the value of that part of the decedent's gross estate over which this state has jurisdiction for estate tax purposes, and the denominator of which is the value of the decedent's gross estate.
Such twenty-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 by the decedent or the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12- 642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
Such twenty-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 by the decedent or the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12- LCO No.
7242 11 of 22 Raised Bill No.1136 642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
Such fifteen-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01139 of 19 R01-SB.docx } Substitute Bill No.
Such fifteen-million-dollar limit shall be reduced by the amount of (I) any taxes paid to this state pursuant to section 12-642 by the decedent or the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12-642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
1136 by the decedent or the decedent's estate for Connecticut taxable gifts made on or after January 1, 2016, and (II) any taxes paid by the decedent's spouse to this state pursuant to section 12-642 for Connecticut taxable gifts made by the decedent on or after January 1, 2016, that are includable in the gross estate of the decedent, but in no event shall the amount be reduced below zero.
(f) (1) For purposes of the tax imposed under this section, the value of the Connecticut taxable estate shall be determined taking into account all of the deductions available under the Internal Revenue Code of 1986, specifically including, but not limited to, the deduction available under Section 2056(b)(7) of said code for a qualifying income interest for life in a surviving spouse.
LCO No.
7242 12 of 22 Raised Bill No.
1136 (f) (1) For purposes of the tax imposed under this section, the value of the Connecticut taxable estate shall be determined taking into account all of the deductions available under the Internal Revenue Code of 1986, specifically including, but not limited to, the deduction available under Section 2056(b)(7) of said code for a qualifying income interest for life in a surviving spouse.
T1 Amount of Connecticut T2 Taxable Estate Rate of Tax LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01110 of 19 R01-SB.docx } Substitute Bill No.
T1 Amount of Connecticut T2 Taxable Estate Rate of Tax T3 Not over $2,000,000 None T4 Over $2,000,000 T5 but not over $2,100,000 5.085% of the excess over $0 T6 Over $2,100,000 $106,800 plus 8% of the excess T7 but not over $2,600,000 over $2,100,000 T8 Over $2,600,000 $146,800 plus 8.8% of the excess T9 but not over $3,100,000 over $2,600,000 T10 Over $3,100,000 $190,800 plus 9.6% of the excess T11 but not over $3,600,000 over $3,100,000 T12 Over $3,600,000 $238,800 plus 10.4% of the excess T13 but not over $4,100,000 over $3,600,000 T14 Over $4,100,000 $290,800 plus 11.2% of the excess LCO No.
1136 T3 Not over $2,000,000 None T4 Over $2,000,000 T5 but not over $2,100,000 5.085% of the excess over $0 T6 Over $2,100,000 $106,800 plus 8% of the excess T7 but not over $2,600,000 over $2,100,000 T8 Over $2,600,000 $146,800 plus 8.8% of the excess T9 but not over $3,100,000 over $2,600,000 T10 Over $3,100,000 $190,800 plus 9.6% of the excess T11 but not over $3,600,000 over $3,100,000 T12 Over $3,600,000 $238,800 plus 10.4% of the excess T13 but not over $4,100,000 over $3,600,000 T14 Over $4,100,000 $290,800 plus 11.2% of the excess T15 but not over $5,100,000 over $4,100,000 T16 Over $5,100,000 $402,800 plus 12% of the excess T17 but not over $6,100,000 over $5,100,000 T18 Over $6,100,000 $522,800 plus 12.8% of the excess T19 but not over $7,100,000 over $6,100,000 T20 Over $7,100,000 $650,800 plus 13.6% of the excess T21 but not over $8,100,000 over $7,100,000 T22 Over $8,100,000 $786,800 plus 14.4% of the excess T23 but not over $9,100,000 over $8,100,000 T24 Over $9,100,000 $930,800 plus 15.2% of the excess T25 but not over $10,100,000 over $9,100,000 T26 Over $10,100,000 $1,082,800 plus 16% of the excess T27 over $10,100,000 (2) With respect to the estates of decedents dying on or after January 1, 2010, but prior to January 1, 2011, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
7242 13 of 22 Raised Bill No.
T28 Amount of Connecticut T29 Taxable Estate Rate of Tax T30 Not over $3,500,000 None LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113611 of 19 R01-SB.docx } Substitute Bill No.
1136 T15 but not over $5,100,000 over $4,100,000 T16 Over $5,100,000 $402,800 plus 12% of the excess T17 but not over $6,100,000 over $5,100,000 T18 Over $6,100,000 $522,800 plus 12.8% of the excess T19 but not over $7,100,000 over $6,100,000 T20 Over $7,100,000 $650,800 plus 13.6% of the excess T21 but not over $8,100,000 over $7,100,000 T22 Over $8,100,000 $786,800 plus 14.4% of the excess T23 but not over $9,100,000 over $8,100,000 T24 Over $9,100,000 $930,800 plus 15.2% of the excess T25 but not over $10,100,000 over $9,100,000 T26 Over $10,100,000 $1,082,800 plus 16% of the excess T27 over $10,100,000 (2) With respect to the estates of decedents dying on or after January 1, 2010, but prior to January 1, 2011, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
1136 T31 Over $3,500,000 7.2% of the excess T32 but not over $3,600,000 over $3,500,000 T33 Over $3,600,000 $7,200 plus 7.8% of the excess T34 but not over $4,100,000 over $3,600,000 T35 Over $4,100,000 $46,200 plus 8.4% of the excess T36 but not over $5,100,000 over $4,100,000 T37 Over $5,100,000 $130,200 plus 9.0% of the excess T38 but not over $6,100,000 over $5,100,000 T39 Over $6,100,000 $220,200 plus 9.6% of the excess T40 but not over $7,100,000 over $6,100,000 T41 Over $7,100,000 $316,200 plus 10.2% of the excess T42 but not over $8,100,000 over $7,100,000 T43 Over $8,100,000 $418,200 plus 10.8% of the excess T44 but not over $9,100,000 over $8,100,000 T45 Over $9,100,000 $526,200 plus 11.4% of the excess T46 but not over $10,100,000 over $9,100,000 T47 Over $10,100,000 $640,200 plus 12% of the excess T48 over $10,100,000 (3) With respect to the estates of decedents dying on or after January 1, 2011, but prior to January 1, 2018, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T28 Amount of Connecticut T29 Taxable Estate Rate of Tax T30 Not over $3,500,000 None T31 Over $3,500,000 7.2% of the excess T32 but not over $3,600,000 over $3,500,000 T33 Over $3,600,000 $7,200 plus 7.8% of the excess T34 but not over $4,100,000 over $3,600,000 T35 Over $4,100,000 $46,200 plus 8.4% of the excess T36 but not over $5,100,000 over $4,100,000 T37 Over $5,100,000 $130,200 plus 9.0% of the excess T38 but not over $6,100,000 over $5,100,000 T39 Over $6,100,000 $220,200 plus 9.6% of the excess T40 but not over $7,100,000 over $6,100,000 T41 Over $7,100,000 $316,200 plus 10.2% of the excess T42 but not over $8,100,000 over $7,100,000 LCO No.
T49 Amount of Connecticut T50 Taxable Estate Rate of Tax T51 Not over $2,000,000 None T52 Over $2,000,000 7.2% of the excess T53 but not over $3,600,000 over $2,000,000 T54 Over $3,600,000 $115,200 plus 7.8% of the excess T55 but not over $4,100,000 over $3,600,000 T56 Over $4,100,000 $154,200 plus 8.4% of the excess T57 but not over $5,100,000 over $4,100,000 T58 Over $5,100,000 $238,200 plus 9.0% of the excess LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113612 of 19 R01-SB.docx } Substitute Bill No.
7242 14 of 22 Raised Bill No.
1136 T59 but not over $6,100,000 over $5,100,000 T60 Over $6,100,000 $328,200 plus 9.6% of the excess T61 but not over $7,100,000 over $6,100,000 T62 Over $7,100,000 $424,200 plus 10.2% of the excess T63 but not over $8,100,000 over $7,100,000 T64 Over $8,100,000 $526,200 plus 10.8% of the excess T65 but not over $9,100,000 over $8,100,000 T66 Over $9,100,000 $634,200 plus 11.4% of the excess T67 but not over $10,100,000 over $9,100,000 T68 Over $10,100,000 $748,200 plus 12% of the excess T69 over $10,100,000 (4) With respect to the estates of decedents dying on or after January 1, 2018, but prior to January 1, 2019, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
1136 T43 Over $8,100,000 $418,200 plus 10.8% of the excess T44 but not over $9,100,000 over $8,100,000 T45 Over $9,100,000 $526,200 plus 11.4% of the excess T46 but not over $10,100,000 over $9,100,000 T47 Over $10,100,000 $640,200 plus 12% of the excess T48 over $10,100,000 (3) With respect to the estates of decedents dying on or after January 1, 2011, but prior to January 1, 2018, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T70 Amount of Connecticut T71 Taxable Estate Rate of Tax T72 Not over $2,600,000 None T73 Over $2,600,000 7.2% of the excess T74 but not over $3,600,000 over $2,600,000 T75 Over $3,600,000 $72,000 plus 7.8% of the excess T76 but not over $4,100,000 over $3,600,000 T77 Over $4,100,000 $111,000 plus 8.4% of the excess T78 but not over $5,100,000 over $4,100,000 T79 Over $5,100,000 $195,000 plus 10% of the excess T80 but not over $6,100,000 over $5,100,000 T81 Over $6,100,000 $295,000 plus 10.4% of the excess T82 but not over $7,100,000 over $6,100,000 T83 Over $7,100,000 $399,000 plus 10.8% of the excess T84 but not over $8,100,000 over $7,100,000 T85 Over $8,100,000 $507,000 plus 11.2% of the excess T86 but not over $9,100,000 over $8,100,000 LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01136- 13 of 19 R01-SB.docx } Substitute Bill No.
T49 Amount of Connecticut T50 Taxable Estate Rate of Tax T51 Not over $2,000,000 None T52 Over $2,000,000 7.2% of the excess T53 but not over $3,600,000 over $2,000,000 T54 Over $3,600,000 $115,200 plus 7.8% of the excess T55 but not over $4,100,000 over $3,600,000 T56 Over $4,100,000 $154,200 plus 8.4% of the excess T57 but not over $5,100,000 over $4,100,000 T58 Over $5,100,000 $238,200 plus 9.0% of the excess T59 but not over $6,100,000 over $5,100,000 T60 Over $6,100,000 $328,200 plus 9.6% of the excess T61 but not over $7,100,000 over $6,100,000 T62 Over $7,100,000 $424,200 plus 10.2% of the excess T63 but not over $8,100,000 over $7,100,000 T64 Over $8,100,000 $526,200 plus 10.8% of the excess T65 but not over $9,100,000 over $8,100,000 T66 Over $9,100,000 $634,200 plus 11.4% of the excess T67 but not over $10,100,000 over $9,100,000 T68 Over $10,100,000 $748,200 plus 12% of the excess T69 over $10,100,000 LCO No.
1136 T87 Over $9,100,000 $619,000 plus 11.6% of the excess T88 but not over $10,100,000 over $9,100,000 T89 Over $10,100,000 $735,000 plus 12% of the excess T90 over $10,100,000 (5) With respect to the estates of decedents dying on or after January 1, 2019, but prior to January 1, 2020, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
7242 15 of 22 Raised Bill No.
T91 Amount of Connecticut T92 Taxable Estate Rate of Tax T93 Not over $3,600,000 None T94 Over $3,600,000 7.8% of the excess T95 but not over $4,100,000 over $3,600,000 T96 Over $4,100,000 $39,000 plus 8.4% of the excess T97 but not over $5,100,000 over $4,100,000 T98 Over $5,100,000 $123,000 plus 10% of the excess T99 but not over $6,100,000 over $5,100,000 T100 Over $6,100,000 $223,000 plus 10.4% of the excess T101 but not over $7,100,000 over $6,100,000 T102 Over $7,100,000 $327,000 plus 10.8% of the excess T103 but not over $8,100,000 over $7,100,000 T104 Over $8,100,000 $435,000 plus 11.2% of the excess T105 but not over $9,100,000 over $8,100,000 T106 Over $9,100,000 $547,000 plus 11.6% of the excess T107 but not over $10,100,000 over $9,100,000 T108 Over $10,100,000 $663,000 plus 12% of the excess T109 over $10,100,000 (6) With respect to the estates of decedents dying on or after January 1, 2020, but prior to January 1, 2021, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
1136 (4) With respect to the estates of decedents dying on or after January 1, 2018, but prior to January 1, 2019, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113614 of 19 R01-SB.docx } Substitute Bill No.
T70 Amount of Connecticut T71 Taxable Estate Rate of Tax T72 Not over $2,600,000 None T73 Over $2,600,000 7.2% of the excess T74 but not over $3,600,000 over $2,600,000 T75 Over $3,600,000 $72,000 plus 7.8% of the excess T76 but not over $4,100,000 over $3,600,000 T77 Over $4,100,000 $111,000 plus 8.4% of the excess T78 but not over $5,100,000 over $4,100,000 T79 Over $5,100,000 $195,000 plus 10% of the excess T80 but not over $6,100,000 over $5,100,000 T81 Over $6,100,000 $295,000 plus 10.4% of the excess T82 but not over $7,100,000 over $6,100,000 T83 Over $7,100,000 $399,000 plus 10.8% of the excess T84 but not over $8,100,000 over $7,100,000 T85 Over $8,100,000 $507,000 plus 11.2% of the excess T86 but not over $9,100,000 over $8,100,000 T87 Over $9,100,000 $619,000 plus 11.6% of the excess T88 but not over $10,100,000 over $9,100,000 T89 Over $10,100,000 $735,000 plus 12% of the excess T90 over $10,100,000 (5) With respect to the estates of decedents dying on or after January 1, 2019, but prior to January 1, 2020, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
1136 T110 Amount of Connecticut T111 Taxable Estate Rate of Tax T112 Not over $5,100,000 None T113 Over $5,100,000 10% of the excess T114 but not over $6,100,000 over $5,100,000 T115 Over $6,100,000 $100,000 plus 10.4% of the excess T116 but not over $7,100,000 over $6,100,000 T117 Over $7,100,000 $204,000 plus 10.8% of the excess T118 but not over $8,100,000 over $7,100,000 T119 Over $8,100,000 $312,000 plus 11.2% of the excess T120 but not over $9,100,000 over $8,100,000 T121 Over $9,100,000 $424,000 plus 11.6% of the excess T122 but not over $10,100,000 over $9,100,000 T123 Over $10,100,000 $540,000 plus 12% of the excess T124 over $10,100,000 (7) With respect to the estates of decedents dying on or after January 1, 2021, but prior to January 1, 2022, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T91 Amount of Connecticut T92 Taxable Estate Rate of Tax LCO No.
T125 Amount of Connecticut T126 Taxable Estate Rate of Tax T127 Not over $7,100,000 None T128 Over $7,100,000 10.8% of the excess T129 but not over $8,100,000 over $7,100,000 T130 Over $8,100,000 $108,000 plus 11.2% of the excess T131 but not over $9,100,000 over $8,100,000 T132 Over $9,100,000 $220,000 plus 11.6% of the excess T133 but not over $10,100,000 over $9,100,000 T134 Over $10,100,000 $336,000 plus 12% of the excess T135 over $10,100,000 (8) With respect to the estates of decedents dying on or after January LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113615 of 19 R01-SB.docx } Substitute Bill No.
7242 16 of 22 Raised Bill No.
1136 1, 2022, but prior to January 1, 2023, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
1136 T93 Not over $3,600,000 None T94 Over $3,600,000 7.8% of the excess T95 but not over $4,100,000 over $3,600,000 T96 Over $4,100,000 $39,000 plus 8.4% of the excess T97 but not over $5,100,000 over $4,100,000 T98 Over $5,100,000 $123,000 plus 10% of the excess T99 but not over $6,100,000 over $5,100,000 T100 Over $6,100,000 $223,000 plus 10.4% of the excess T101 but not over $7,100,000 over $6,100,000 T102 Over $7,100,000 $327,000 plus 10.8% of the excess T103 but not over $8,100,000 over $7,100,000 T104 Over $8,100,000 $435,000 plus 11.2% of the excess T105 but not over $9,100,000 over $8,100,000 T106 Over $9,100,000 $547,000 plus 11.6% of the excess T107 but not over $10,100,000 over $9,100,000 T108 Over $10,100,000 $663,000 plus 12% of the excess T109 over $10,100,000 (6) With respect to the estates of decedents dying on or after January 1, 2020, but prior to January 1, 2021, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T136 Amount of Connecticut T137 Taxable Estate Rate of Tax T138 Not over $9,100,000 None T139 Over $9,100,000 11.6% of the excess T140 but not over $10,100,000 over $9,100,000 T141 Over $10,100,000 $116,000 plus 12% of the excess T142 over $10,100,000 (9) With respect to the estates of decedents dying on or after January 1, 2023, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T110 Amount of Connecticut T111 Taxable Estate Rate of Tax T112 Not over $5,100,000 None T113 Over $5,100,000 10% of the excess T114 but not over $6,100,000 over $5,100,000 T115 Over $6,100,000 $100,000 plus 10.4% of the excess T116 but not over $7,100,000 over $6,100,000 T117 Over $7,100,000 $204,000 plus 10.8% of the excess T118 but not over $8,100,000 over $7,100,000 T119 Over $8,100,000 $312,000 plus 11.2% of the excess T120 but not over $9,100,000 over $8,100,000 LCO No.
7242 17 of 22 Raised Bill No.
1136 T121 Over $9,100,000 $424,000 plus 11.6% of the excess T122 but not over $10,100,000 over $9,100,000 T123 Over $10,100,000 $540,000 plus 12% of the excess T124 over $10,100,000 (7) With respect to the estates of decedents dying on or after January 1, 2021, but prior to January 1, 2022, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T125 Amount of Connecticut T126 Taxable Estate Rate of Tax T127 Not over $7,100,000 None T128 Over $7,100,000 10.8% of the excess T129 but not over $8,100,000 over $7,100,000 T130 Over $8,100,000 $108,000 plus 11.2% of the excess T131 but not over $9,100,000 over $8,100,000 T132 Over $9,100,000 $220,000 plus 11.6% of the excess T133 but not over $10,100,000 over $9,100,000 T134 Over $10,100,000 $336,000 plus 12% of the excess T135 over $10,100,000 (8) With respect to the estates of decedents dying on or after January 1, 2022, but prior to January 1, 2023, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
T136 Amount of Connecticut T137 Taxable Estate Rate of Tax T138 Not over $9,100,000 None T139 Over $9,100,000 11.6% of the excess T140 but not over $10,100,000 over $9,100,000 T141 Over $10,100,000 $116,000 plus 12% of the excess T142 over $10,100,000 LCO No.
7242 18 of 22 Raised Bill No.1136 (9) With respect to the estates of decedents dying on or after January 1, 2023, the tax based on the Connecticut taxable estate shall be as provided in the following schedule:
(2) Any person required to make and file a tax return under this chapter, believing that the decedent died a nonresident of this state, may file a request for determination of domicile in writing with the Commissioner of Revenue Services, stating the specific grounds upon which the request is founded provided (A) such person has filed such return, (B) at least two hundred seventy days, but no more than three LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0113616 of 19 R01-SB.docx } Substitute Bill No.
(2) Any person required to make and file a tax return under this chapter, believing that the decedent died a nonresident of this state, may file a request for determination of domicile in writing with the Commissioner of Revenue Services, stating the specific grounds upon which the request is founded provided (A) such person has filed such return, (B) at least two hundred seventy days, but no more than three years, has elapsed since the due date of such return or, if an application for extension of time to file such return has been granted, the extended due date of such return, (C) such person has not been notified, in writing, by said commissioner that a written agreement of compromise with the taxing authorities of another jurisdiction, under section 12-395a, is being negotiated, and (D) the commissioner has not previously determined whether the decedent died a resident of this state.
1136 years, has elapsed since the due date of such return or, if an application for extension of time to file such return has been granted, the extended due date of such return, (C) such person has not been notified, in writing, by said commissioner that a written agreement of compromise with the taxing authorities of another jurisdiction, under section 12-395a, is being negotiated, and (D) the commissioner has not previously determined whether the decedent died a resident of this state.
If the commissioner commences negotiations over a written agreement of compromise with the taxing authorities of another jurisdiction after a request for determination of domicile is filed, the one-hundred-eighty- day period shall be tolled for the duration of such negotiations.
If the LCO No.
7242 19 of 22 Raised Bill No.1136 commissioner commences negotiations over a written agreement of compromise with the taxing authorities of another jurisdiction after a request for determination of domicile is filed, the one-hundred-eighty- day period shall be tolled for the duration of such negotiations.
(3) On or before the sixtieth day after mailing of the proposed determination, the person required to make and file a tax return under this chapter may file with the commissioner a written protest against the proposed determination in which such person shall set forth the LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-0117 of 19 R01-SB.docx } Substitute Bill No.
(3) On or before the sixtieth day after mailing of the proposed determination, the person required to make and file a tax return under this chapter may file with the commissioner a written protest against the proposed determination in which such person shall set forth the grounds on which the protest is based.
1136 grounds on which the protest is based.
(4) Notice of the commissioner's determination shall be mailed to the person required to make and file a tax return under this chapter and such notice shall set forth briefly the commissioner's findings of fact and the basis of decision in each case decided adversely to such person.
(4) Notice of the commissioner's determination shall be mailed to the person required to make and file a tax return under this chapter and such notice shall set forth briefly the commissioner's findings of fact and the basis of decision in each case decided adversely to such LCO No.
7242 20 of 22 Raised Bill No.
1136 person.
Section 1 from passage New section LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01118 of 19 R01-SB.docx } Substitute Bill No.
Section 1 from passage New section Sec.
1136 Sec.
3 from passage 12-391 Statement of Legislative Commissioners:
3 January 1, 2020 New section Sec.
In Section 1, a reference to Connecticut Innovations, Incorporated was deleted for accuracy.
4 from passage 12-391 Statement of Purpose:
FIN Joint Favorable Subst.
To (1) establish a credit against the estate tax for amounts invested by a decedent in certain bonds or funds, (2) require the Commissioner of Economic and Community Development to submit legislative recommendations to establish a social impact bonding program, and (3) impose a one and one-half per cent tax on the net gain from the sale LCO No.
LCO R01-SB.docx }OUSERS\FORZANOF\WS\2019SB-01136- 19 of 19
7242 21 of 22 Raised Bill No.
1136 or exchange of capital assets for certain taxpayers and dedicate such tax revenue to certain purposes.
[Proposed deletions are enclosed in brackets.
Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] LCO No.
7242 22 of 22
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Action History

  1. FILE NO. 927

  2. SENATE CALENDAR NUMBER 556

  3. FAV. RPT., TAB. FOR CAL., SEN.

  4. RPTD. OUT OF LCO

  5. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 05/20/19

  6. FILED WITH LCO

  7. Joint Favorable Substitute

  8. PUBLIC HEARING 0429

  9. REF. TO JOINT COMM. ON Finance, Revenue and Bonding

Sponsors

  • Revenue and Bonding Committee Finance · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 186 not signed on

Sponsors (1)

  • Finance, Revenue and Bonding Committee

Co-sponsors (0)

None.

Not signed on (186)

186 members have not signed on to this bill.

Show all 186 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 1136?
SB 1136 is sponsored by Finance, Revenue and Bonding Committee.
What is the current status of SB 1136?
This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
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