Connecticut General Statutes 12-640 – Imposition of gift tax
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For the calendar year 1991 and each year thereafter, a tax computed as provided in § 12-642 is hereby imposed on the transfer of property by gift during such taxable year by any individual resident or nonresident provided, for the calendar year 1991, such tax shall be imposed only on those gifts which are transferred on or after September 1, 1991.
Terms Used In Connecticut General Statutes 12-640
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.