United States:
Connecticut Increases Gift And Estate Tax Exemption Amounts
30 July 2019
Day Pitney LLP
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In the fall of 2017, the Connecticut gift and estate tax
exemptions were changed to increase gradually until 2020, when they
were scheduled to match the then-applicable federal exemptions. As
we reported in "
Connecticut Estate Tax Interim Update" in our July 2018
Update, we expected further changes to the Connecticut exemptions
following the subsequent doubling of the federal gift and estate
tax exemptions that took effect January 1, 2018. Those expected
changes are now official—the Connecticut gift and estate tax
exemptions will gradually increase from this year's $3.6
million to match the federal exemption as of January 1, 2023, as
follows:
Year
|
Connecticut Exemption
|
2019
|
$3.6 million
|
2020
|
$5.1 million
|
2021
|
$7.1 million
|
2022
|
$9.1 million
|
2023+
|
Same as federal exemption amounts
|
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