Sec. 12-390b. Generation-skipping transfer tax.
Sec. 12-390b. Generation-skipping transfer tax. (a) A tax is hereby imposed
upon every generation-skipping transfer, where the original transferor is a resident of
this state at the date of the original transfer. The amount of the tax shall be the amount
of the federal credit allowable for generation-skipping transfer tax paid to any state
under the provisions of the federal internal revenue code in force at the date of such
generation-skipping transfer in respect to any property included in the generation-skipping transfer. If any such property is real or tangible personal property located outside
this state and is subject to generation-skipping transfer taxes by any state or states other
than the state of Connecticut for which such federal credit is allowable, the amount of
tax due under this section shall be reduced by the lesser of (1) the amount of any such
taxes paid to such other state or states and allowed as a credit against the federal generation-skipping transfer tax; or (2) an amount computed by multiplying such federal credit
by a fraction, (A) the numerator of which is the value of all transferred real and tangible
personal property which is subject to generation-skipping transfer taxes and over which
such other state or states have jurisdiction for generation-skipping transfer tax purposes
to the same extent to which this state would exert jurisdiction for generation-skipping
transfer tax purposes under this chapter with respect to the residents of such other state
or states and (B) the denominator of which is the value of all transferred property which
is subject to generation-skipping transfer taxes, wherever located.
(b) A tax is hereby imposed upon every generation-skipping transfer, where the
original transferor is not a resident of this state at the date of the original transfer but
where the generation-skipping transfer includes real or tangible personal property located in this state. The amount of the tax shall be computed by multiplying (1) the federal
credit allowable for generation-skipping transfer tax paid to any state or states under
the provisions of the federal internal revenue code in force at the date of such generation-skipping transfer in respect to any property included in the generation-skipping transfer
by (2) a fraction, (A) the numerator of which is the value of all transferred real and
tangible personal property which is subject to generation-skipping transfer taxes, which
is located in this state and over which this state has jurisdiction for generation-skipping
transfer tax purposes and (B) the denominator of which is the value of all transferred
property which is subject to generation-skipping transfer taxes, wherever located.
(c) For purposes of subsections (a) and (b) of this section, property shall have the
same value that it has for federal generation-skipping transfer tax purposes.
(P.A. 97-165, S. 10, 16.)
History: P.A. 97-165 effective July 1, 1997, and applicable to taxable distributions or taxable terminations occurring
on or after July 1, 1997.