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SALT Alert- Potential Connecticut Estate and Gift Tax Changes

February 21, 2017
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Connecticut Governor Dannel Malloy's budget plan proposes to phase-in an increase in the estate tax exemption from its current $2 million level to the federal level of more than $5 million over three years. In addition, the maximum lifetime cap on the total amount that could be paid under the estate and gift tax would be lowered from $20 million to $15 million. (Connecticut Governor Dannel Malloy Fiscal Year 2018-2019 Biennial Budget Address and Proposal, 02/08/2017.)

For more information, please contact a member of Citrin Cooperman's State and Local Tax Practice.