Title 12 — Title 12: Taxation

Sec. 12-340. Tax on transfers of property. Sunset of chapter. (a) The provisions of this chapter shall apply only to estates of decedents dying on or prior to January 1, 2005, that, prior to October 1, 2018, have filed a return under section 12-359 or been assessed a tax under se…

Sec. 12-341. Taxable transfers by persons dying on and after July 1, 1959, and prior to July 1, 1963. The transfers enumerated in section 12-340 shall be taxable if made: (a) By will; (b) by statutes relating to descent and distribution of property upon the death of the owner; (c…

Sec. 12-341a. Effective date. Section 12-341 shall apply to the estates of persons dying on and after July 1, 1959, but all estates not within the provisions of section 12-341 shall be subject to the succession tax or inheritance tax laws applicable to them prior to July 1, 1959,…

Sec. 12-341b. Taxable transfers by persons dying on and after July 1, 1963. The transfers enumerated in section 12-340 shall be taxable if made: (a) By will; (b) by statutes relating to descent and distribution of property upon the death of the owner; (c) in contemplation of the …

Sec. 12-341c. Effective date. Section 12-341b shall take effect July 1, 1963, and shall apply to the estates of persons dying on and after that date but all estates not within the provisions of section 12-341b shall be subject to the succession tax or inheritance tax laws applica…

Sec. 12-342. Life, accident and war risk insurance. The provisions of sections 12-341 and 12-341b shall not apply to the proceeds of any policy of life or accident insurance payable to a named beneficiary or beneficiaries, including such proceeds payable to a trustee or trustees …

Sec. 12-343. Jointly-owned property. Whenever property is held in the joint names of two or more persons and the survivor or survivors of them, the right of the survivor or survivors to the immediate ownership or possession and enjoyment of such property shall be a taxable transf…

Sec. 12-344. Rates. (a) The tax imposed under the provisions of this chapter shall be at the following rates: Class AA, subject to the provisions of subsection (b) of this section with respect to the net taxable estate passing to the surviving spouse of any transferor whose death…

Sec. 12-344a. Additional amount added to tax. (a) To the tax imposed by the provisions of this chapter, there shall be added an amount equal to thirty per cent of the tax so imposed and computed under said provisions. Said added amount so computed shall, upon its addition as afor…

Sec. 12-344b. Applicable rates. The provisions of section 12-344 shall apply to the estates of all persons dying on or after July 1, 1973. The estates of persons dying prior to said date shall be subject to the succession tax laws applicable to them prior to said date and such la…

Sec. 12-345. Revocable trusts. A transfer of property by deed of trust wherein the settlor reserved to himself, or to himself and others not beneficiaries, powers of revocation, alteration or amendment, upon the exercise of which the property might revest in him, shall, upon the …

Sec. 12-345a. Taxation of property transferred by exercise or nonexercise of a power of appointment. Section 12-345a is repealed, effective May 24, 1972, and retroactive to January 1, 1972. All estates of persons dying before January 1, 1972, shall be subject to the succession ta…

Sec. 12-345b. Taxation of property transferred by exercise or nonexercise of power of appointment: Definitions. As used in sections 12-345b to 12-345f, inclusive, the term “general power of appointment” means a power, whether created before or after May 24, 1972, which is exercis…

Sec. 12-345c. Taxable transfer made, when. For purposes of the tax imposed by this chapter, a decedent shall be deemed to have made a taxable transfer of any property with respect to which (a) a general power of appointment created on or before October 21, 1942, is exercised by t…

Sec. 12-345d. Lapse of power. The lapse of a general power of appointment created after October 21, 1942, during the life of the individual possessing the power shall be considered a release of such power. The preceding sentence shall apply with respect to the lapse of powers dur…

Sec. 12-345e. Tax liability for transfer of property subject to general power of appointment. Nothing contained in sections 12-345b to 12-345e, inclusive, shall be deemed to relieve from taxation, under this chapter, in the estate of the donor of a general power of appointment, t…

Sec. 12-345f. Power created on or before October 21, 1942. For purposes of sections 12-345b to 12-345d, inclusive, a power of appointment created by a will executed on or before October 21, 1942, shall be considered a power created on or before such date if the person executing s…

Sec. 12-346. Transfers to executors and trustees in lieu of commissions. If property is transferred to executors or trustees in lieu of their commissions or allowances for services rendered in connection with the settlement of the estate, the excess in value of the property so tr…

Sec. 12-347. Exemptions. (a) There shall be exempt from the tax imposed by this chapter all transfers to or for the use of the United States, any state or territory, or any political subdivision thereof, the District of Columbia, any public institution for exclusively public purp…

Sec. 12-348. Declaration by officer of corporation or other entity claiming exemption. The Commissioner of Revenue services may require, from any corporation, institution, society, association or trust claiming exemption from the succession tax upon any transfer to it pursuant to…

Sec. 12-349. Gross taxable estate. (a) All property in estate valued at fair market value, except farm land under certain conditions allowing valuation according to use. (1) The gross estate for the purpose of the tax imposed by the provisions of this chapter shall be the total o…

Sec. 12-349a. Effective date. Section 12-349 shall take effect July 1, 1961, and shall apply to the estates of persons dying on and after that date but all estates not within the provisions of section 12-349 shall be subject to the succession tax or inheritance tax laws applicabl…

Sec. 12-350. Net estate of resident transferors; deductions. In the case of the estate of a resident transferor, the net estate for the purposes of the tax imposed by the provisions of this chapter shall be ascertained by deducting from the gross taxable estate the following item…

Sec. 12-351. Administration expenses not deductible. The following expenses of administration shall not be allowable deductions: (a) The federal estate tax and succession, inheritance, estate or transfer taxes paid or payable to other states, territories, the District of Columbia…

Sec. 12-352. Net estate of nonresident transferor; deductions. In the case of the estate of a nonresident transferor, when property is transferred by will or intestate laws, the net estate for the purpose of the tax imposed by the provisions of this chapter shall be ascertained b…

Sec. 12-353. Life estates; annuities. The value of each future, contingent or limited estate, income interest or annuity for life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the Commissioners' …

Sec. 12-354. Estate which may be divested. When an estate or interest may be divested by the act or omission of the transferee, it shall be taxed as if there were no possibility of divesting. (1949 Rev., S. 2034.) Cited. 152 C. 282.

Sec. 12-355. Compounding of tax. Contingent remainders. (a) If it is impossible to compute the present value of any of the property transferred, or of any interest therein, or if the tax cannot be determined because of a contingency as to who will take, the Commissioner of Revenu…

Sec. 12-356. Determination of value of contingent interest by Insurance Commissioner. The Insurance Commissioner shall, whenever possible, without fee, on the application of the commissioner, determine the value of any interest transferred, including a remainder interest, which i…

Sec. 12-357. Supervision by commissioner. The commissioner shall have full supervision of the enforcement of this chapter and may call upon the other administrative departments of the state government for such information and assistance as he may deem necessary to the performance…

Sec. 12-358. Reports by clerks of probate courts. Certified copies of wills and papers. Clerks of probate courts shall report monthly to the Commissioner of Revenue Services all letters testamentary or of administration granted upon estates of decedents in such courts on forms pr…

Sec. 12-359. Reports of representatives of transferors. (a) Succession tax returns and amendments thereto. Except as herein provided, within six months after the death of the transferor the administrator, executor, administrator for tax purposes, administrator c.t.a. or administr…

Secs. 12-360 to 12-362. U.S. money, bonds and bank accounts: Reports as to ante mortem transfers dispensed with; inventory and appraisal not required. Waiver of returns, reports, inventories and appraisals. Sections 12-360 to 12-362, inclusive, are repealed, effective January 1, …

Sec. 12-363. Jointly-owned real property; certificate of tax payment. When any person owning an interest in real property in joint tenancy with another or others with the right of survivorship dies, one of the survivors or the personal representative of the deceased joint tenant …

Sec. 12-364. Certificate of release of lien. Regulations. Any person shall, if the Commissioner of Revenue Services finds, upon evidence satisfactory to him, that a joint tenant of real property situated in this state has died and that the payment of any succession tax with respe…

Sec. 12-365. Administration on taxable transfer. (a) If no person applies for administration within thirty days after the death of any transferor, the commissioner may apply to the court of probate for the district within which the transferor died a resident or, if the transferor…

Sec. 12-366. Lien for taxes. Regulations. The tax herein imposed shall be a lien in favor of the state of Connecticut upon the real property so passing from the due date until paid, with the interest and costs that may accrue in addition thereto; provided such lien shall not be v…

Sec. 12-367. Computation and assessment of tax; objections thereto. Refund of overpayment. When amendment to return not required. (a) The tax imposed by the provisions of this chapter shall be computed and assessed by the Commissioner of Revenue Services. If the Commissioner of R…

Sec. 12-368. Waiver of hearing on computation of tax. Section 12-368 is repealed, effective January 1, 1972, and applicable to estates of persons dying on and after that date. All estates of persons dying before January 1, 1972, shall be subject to the succession tax or inheritan…

Sec. 12-369. Action for quieting title to property. Actions may be brought against the state by any interested person for the purpose of quieting the title to any property against the lien or claim for lien of any tax under this chapter or for the purpose of having it determined …

Sec. 12-370. Forms. Reciprocal exchange of information. The commissioner shall have power to prescribe such forms as may be necessary under this chapter. He may exchange information with the authorities of other states, territories, the federal government, the District of Columbi…

Sec. 12-371. Estates of nonresident decedents; cooperation with other states. “Death taxes”, as used in this section, shall include inheritance, succession, transfer or estate taxes or any taxes levied against the estate of a decedent upon the occasion of his death. When the Comm…

Sec. 12-372. Authority to compromise or arbitrate dispute as to decedent's domicile. When the Commissioner of Revenue Services claims that a decedent was domiciled in this state at the time of his death and the taxing authorities of another state or states make a like claim on be…

Sec. 12-373. Agreement of compromise to fix amount of tax. An agreement of compromise made pursuant to section 12-372 shall fix the amount to be accepted in full satisfaction of the tax imposed by this chapter, including any interest to the date of filing the agreement, and shall…

Sec. 12-374. Determination of domicile by arbitration. A board of arbitration selected pursuant to an agreement of arbitration made under section 12-372 shall hold hearings at such times and places as it may determine, upon reasonable notice to the parties to the agreement, all o…

Sec. 12-375. Tax due at death. The tax imposed by this chapter shall be due at the death of the transferor. (1949 Rev., S. 2051.) Amount of tax not affected by decrease in value of estate between date of death and date of distribution. 126 C. 144. Cited. 136 C. 141.

Sec. 12-376. Payment. Interest. Extensions. Each tax imposed by the provisions of this chapter, which is not paid to the Commissioner of Revenue Services within six months after the date of the death of the transferor or within six months of any moneys received as a result of a s…

Sec. 12-376a. Waiver of interest on tax on certain transfers. Whenever any transfer of property is reported and a tax paid thereon under the provisions of this chapter more than six months after the date of death of the transferor, and it appears that such transfer could not have…

Sec. 12-376b. Optional payment in installments up to ten years when interest in closely held business exceeds thirty-five per cent of gross estate. (a) Whenever the value of an interest in a closely held business, as defined in subsection (b) of this section, included in the gros…

Sec. 12-376c. Extension of time for payment when estate consists primarily of works of art of the decedent. (a) Whenever the net taxable estate of any decedent, hereinafter referred to as the transferor, as determined for purposes of the succession tax under this chapter, consist…