Sec. 12-376d. Tax credit for the value of a work of art accepted by the state from the estate of a deceased artist whose net taxable estate is subject to tax under this chapter.
Sec. 12-376d. Tax credit for the value of a work of art accepted by the state
from the estate of a deceased artist whose net taxable estate is subject to tax under
this chapter. (a) There shall be allowed a credit against any tax due under this chapter
with respect to the estate of any decedent who produced a work of art, as defined in this
section, which the beneficiaries and the fiduciary of such decedent's estate agree to
transfer to the state of Connecticut if the state accepts such work, for use as an object
of visual, artistic and educational display, in exchange for a credit against the succession
tax applicable to the net taxable estate of such decedent. Such tax credit shall be in an
amount equivalent to the fair market value of such work of art, as determined in accordance with subsection (c) of this section, provided (1) the advisory panel established
under subsection (b) of this section, for purposes of certain determinations related to
any such tax credit, certifies that, in the opinion of a majority of its members, such
work of art should be appraised in accordance with subsection (c) of this section and
subsequently certifies that, in the opinion of a majority of its members, such work of
art should be accepted by the state in exchange for such tax credit as provided in this
section and (2) the maximum total amount of all such tax credits which may be allowed
in any single fiscal year, commencing July 1, 1987 and thereafter, whether there is one
such credit in such year or more than one, shall be two hundred thousand dollars. If the
fair market value of any such work of art so accepted by the state is less than the total
amount of tax due with respect to the estate, tax credit shall be allowed in reduction of
the amount of the total tax due. If such fair market value is in excess of the total tax due,
and the fiduciary and beneficiaries of the estate approve the transfer of such work of art
to the state for purposes of such tax credit, such fair market value shall be applied in
payment of the entire amount of tax due and the excess of such fair market value over
the amount of tax due shall, in effect, be a gift to the state. For purposes of this section
a "work of art" means any work of visual art, including but not limited to, a drawing,
painting, sculpture, mosaic, photograph, work of calligraphy or work of graphic art, and
as the term "work of art" is used in this section it may include a single work of any such
art or more than one item of such work.
(b) There shall be appointed, as part of the Connecticut Commission on Culture
and Tourism, an advisory panel to consider the proposed acceptance of any such work
of art. The advisory panel shall prepare a written statement as to acceptance or rejection
of any such work of art for the purposes of this section. In each instance said panel
shall consist of eleven members, including the executive director of the Connecticut
Commission on Culture and Tourism and two generally acknowledged experts as to the
particular type of visual art work under consideration, as determined by said executive
director, with such appointments to be made by said executive director and approved
by the Connecticut Commission on Culture and Tourism. In addition said advisory
panel shall include eight members of the General Assembly, with two of such members
appointed by the president pro tempore of the Senate, one of such members appointed
by the majority leader of the Senate, one of such members appointed by the minority
leader of the Senate, two of such members appointed by the speaker of the House of
Representatives, one of such members appointed by the majority leader of the House
of Representatives and one of such members appointed by the minority leader of the
House of Representatives.
(c) The advisory panel appointed as provided in subsection (b) of this section shall
contract with two professional appraisers possessing experience related to the type of
appraisal necessary for purposes of the work of art proposed for acceptance. Each appraiser so employed shall conduct an independent appraisal of such work of art and
submit findings as to the fair market value thereof to the advisory panel. Members of
the advisory panel shall receive no compensation for their service as such but shall be
reimbursed for their necessary expenses incurred in the performance of their duties.
(d) If the advisory panel approves the acceptance of a work of art for purposes of
such tax credit, the executive director of the Connecticut Commission on Culture and
Tourism shall submit notification in writing of such approval to the Commissioner of
Revenue Services, including all relevant documentation concerning such approval and
the amount of tax credit to be allowed. The Connecticut Commission on Culture and
Tourism is authorized by this section to accept such work of art on behalf of the state
and make whatever arrangements may be necessary with other agencies of the state for
the care and display of such work of art.
(P.A. 87-491, S. 1, 2; June 30 Sp. Sess. P.A. 03-6, S. 210(e); P.A. 04-20, S. 3; 04-205, S. 5; May Sp. Sess. P.A. 04-2,
S. 30.)
History: P.A. 87-491 effective July 1, 1987, and applicable to the estate of any artist in Connecticut whose death occurs
on or after January 1, 1987; June 30 Sp. Sess. P.A. 03-6 and P.A. 04-20 replaced State Commission on the Arts with
Connecticut Commission on Arts, Tourism, Culture, History and Film, effective August 20, 2003; P.A. 04-205, effective
June 3, 2004, and May Sp. Sess. P.A. 04-2, effective May 12, 2004, both replaced Connecticut Commission on Arts,
Tourism, Culture, History and Film with Connecticut Commission on Culture and Tourism.