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HB 7101 - Estate and Gift Tax Amendments - Connecticut Key Vote

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Title: Delaying the Estate and Gift Tax Reduction

See How Your Politicians Voted

Title: Delaying the Estate and Gift Tax Reduction

Vote Smart's Synopsis:

Vote to pass a bill that delays a reduction in the estate and gift tax, originally scheduled for January 1, 2010, and reschedules it for January 1, 2012, and restructures the tax brackets and tax rates on estates and gifts for the period of January 1, 2010 through December 31, 2011.

Highlights:

-Restructures the tax brackets and tax rates on both estates of decedents dying on or after January 1, 2010 but before January 1, 2012 and gifts made on or after January 1, 2010 but before January 1, 2012 as follows (Secs. 1-2):

    -Existing law:
      -None for estates/gifts not over $2 million; -5.085 percent of the estate/gift for estates/gifts over $2 million but not over $2.1 million; -$106,800 plus 8 percent of the excess over $2.1 million for estates/gifts over $2.1 million but not over $2.6 million; -$146,800 plus 8.8 percent of the excess over $2.6 million for estates/gifts over $2.6 million but not over $3.1 million; -$190,800 plus 9.6 percent of the excess over $3.1 million for estates/gifts over $3.1 million but not over $3.6 million; -$238,800 plus 10.4 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$290,800 plus 11.2 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$402,800 plus 12 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$522,800 plus 12.8 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$650,800 plus 13.6 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$786,800 plus 14.4 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$930,800 plus 15.2 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$1.08 million plus 16 percent of the excess over $10.1 million for estates/gifts over $10.1 million.
    -New law:
      -None for estates/gifts not over $2 million; -8 percent of the excess over $2 million for estates/gifts over $2 million but not over $2.1 million; -$8,000 plus 9.6 percent of the excess over $2.1 million for estates/gifts over $2.1 million but not over $2.6 million; -$56,000 plus 11.2 percent of the excess over $2.6 million for estates/gifts over $2.6 million but not over $3.1 million; -$112,000 plus 12.8 percent of the excess over $3.1 million for estates/gifts over $3.1 million but not over $3.6 million; -$176,000 plus 13.6 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$244,000 plus 14.4 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$388,000 plus 15.2 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$540,000 plus 16 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$700,000 plus 16.8 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$868,000 plus 17.2 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$1.04 million plus 17.6 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$1.22 million plus 18 percent of the excess over $10.1 million for estates/gifts over $10.1 million.
-Repeals the effective date for the restructuring of tax brackets and tax rates on both the estates of deceased decedents and gifts made by donors to conform to the following rates, originally scheduled for January 1, 2010, and replaces it with an effective date of January 1, 2012 (Secs. 1-2):
    -None for estates/gifts not over $3.5 million; -7.2 percent of the excess over $3.5 million for estates/gifts over $3.5 million but not over $3.6 million; -$7,200 plus 7.8 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$46,200 plus 8.4 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$130,200 plus 9 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$220,200 plus 9.6 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$316,200 plus 10.2 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$418,200 plus 10.8 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$526,200 plus 11.4 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$640,200 plus 12 percent of the excess over $10.1 million for estates/gifts over $10.1 million.

Full Bill Text

See How Your Politicians Voted

Title: Delaying the Estate and Gift Tax Reduction

Vote Smart's Synopsis:

Vote to pass a bill that delays a reduction in the estate and gift tax, originally scheduled for January 1, 2010, and reschedules it for January 1, 2012, and restructures the tax brackets and tax rates on estates and gifts for the period of January 1, 2010 through December 31, 2011.

Highlights:

-Restructures the tax brackets and tax rates on both estates of decedents dying on or after January 1, 2010 but before January 1, 2012 and gifts made on or after January 1, 2010 but before January 1, 2012 as follows (Secs. 1-2):

    -Existing law:
      -None for estates/gifts not over $2 million; -5.085 percent of the estate/gift for estates/gifts over $2 million but not over $2.1 million; -$106,800 plus 8 percent of the excess over $2.1 million for estates/gifts over $2.1 million but not over $2.6 million; -$146,800 plus 8.8 percent of the excess over $2.6 million for estates/gifts over $2.6 million but not over $3.1 million; -$190,800 plus 9.6 percent of the excess over $3.1 million for estates/gifts over $3.1 million but not over $3.6 million; -$238,800 plus 10.4 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$290,800 plus 11.2 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$402,800 plus 12 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$522,800 plus 12.8 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$650,800 plus 13.6 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$786,800 plus 14.4 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$930,800 plus 15.2 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$1.08 million plus 16 percent of the excess over $10.1 million for estates/gifts over $10.1 million.
    -New law:
      -None for estates/gifts not over $2 million; -8 percent of the excess over $2 million for estates/gifts over $2 million but not over $2.1 million; -$8,000 plus 9.6 percent of the excess over $2.1 million for estates/gifts over $2.1 million but not over $2.6 million; -$56,000 plus 11.2 percent of the excess over $2.6 million for estates/gifts over $2.6 million but not over $3.1 million; -$112,000 plus 12.8 percent of the excess over $3.1 million for estates/gifts over $3.1 million but not over $3.6 million; -$176,000 plus 13.6 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$244,000 plus 14.4 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$388,000 plus 15.2 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$540,000 plus 16 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$700,000 plus 16.8 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$868,000 plus 17.2 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$1.04 million plus 17.6 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$1.22 million plus 18 percent of the excess over $10.1 million for estates/gifts over $10.1 million.
-Repeals the effective date for the restructuring of tax brackets and tax rates on both the estates of deceased decedents and gifts made by donors to conform to the following rates, originally scheduled for January 1, 2010, and replaces it with an effective date of January 1, 2012 (Secs. 1-2):
    -None for estates/gifts not over $3.5 million; -7.2 percent of the excess over $3.5 million for estates/gifts over $3.5 million but not over $3.6 million; -$7,200 plus 7.8 percent of the excess over $3.6 million for estates/gifts over $3.6 million but not over $4.1 million; -$46,200 plus 8.4 percent of the excess over $4.1 million for estates/gifts over $4.1 million but not over $5.1 million; -$130,200 plus 9 percent of the excess over $5.1 million for estates/gifts over $5.1 million but not over $6.1 million; -$220,200 plus 9.6 percent of the excess over $6.1 million for estates/gifts over $6.1 million but not over $7.1 million; -$316,200 plus 10.2 percent of the excess over $7.1 million for estates/gifts over $7.1 million but not over $8.1 million; -$418,200 plus 10.8 percent of the excess over $8.1 million for estates/gifts over $8.1 million but not over $9.1 million; -$526,200 plus 11.4 percent of the excess over $9.1 million for estates/gifts over $9.1 million but not over $10.1 million; and -$640,200 plus 12 percent of the excess over $10.1 million for estates/gifts over $10.1 million.

Full Bill Text

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