Bill > HB05152

This bill proposes two key changes to Connecticut's estate and gift tax laws. First, it reduces the estate tax exemption threshold from the current level to $3.6 million, meaning that estates valued above this amount would be subject to taxation. Second, the bill eliminates existing caps on estate and gift taxes, which could potentially increase the total amount of tax revenue collected from larger estates. The bill specifically mandates that all revenue generated from these estate and gift taxes be deposited into the Early Childhood Education Fund, a dedicated fund established under section 10-511 of the state's general statutes. By directing these tax revenues to early childhood education, the bill aims to provide additional financial support for educational programs and services for young children. The changes would impact wealthy individuals and families by potentially increasing their tax liability while simultaneously creating a new funding mechanism for early childhood education initiatives.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05152&which_year=2025