On March 21, 1994, the Law Tribune published an editorial titled “Revamp the Succession Tax to Prevent State Exodus.”
Through the year 2000, the federal tax contained a “credit,” pursuant to which an estate which paid the Connecticut estate tax received a dollar-for-dollar credit against any federal estate tax payable, generally making the transaction a “wash.” In 2001, Congress revoked the credit arrangement, and Connecticut then enacted a new burdensome estate tax. After a number of Connecticut attorneys conferred with legislative leaders, a bill was passed increasing the exemption amount and phasing out the tax over five years. Still later, the phase out was delayed, and then eliminated. The legislature passed the Unified Gift and Estate Tax, which currently is in effect.
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