August 15, 2014

Hot Report: Gift Tax

OLR Report 2014-R-0211 answers the following questions about the gift tax:
  1. For calendar years 2008-2012, (a) how much revenue did the gift tax generate and (b) how many gift tax returns were filed?
  2. Is Connecticut the only state that imposes a gift tax?
  3. Have any states recently repealed their gift taxes? 
As Table 1 shows, taxpayers filed over 1,900 gift tax returns in calendar years 2008-2012, generating over $354 million.

Table 1: Connecticut Gift Tax, Calendar Years 2008-2012

Calendar Year
Revenue Generated
($-millions)
Number of Returns Filed
2012
$218.4
1,400
2011
65.3
407
2010
24.1
22
2009
24.6
46
2008
21.8
46
Total
354.2
1,921


For more information, including the reason for the significant jumps in 2011 and 2012, along with answers to the other questions, read the full report.
at