Connecticut Gift Form Withholding
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Connecticut Gift Tax: Connecticut State Gift Tax Rate: 11.6% (if the value of the taxable estate/gift is $9.1 to $10.1 million) or 12% (if the value is greater than $10.1 million)
Starting in 2023, the Connecticut lifetime gift and estate tax exemption amount will match the federal gift and estate tax exemption amount, meaning that the Connecticut exemption will increase from $9.1 million to $12.92 million on January 1, 2023.
Annual Gift Tax Exclusion You can make annual exclusion gifts of $17,000 per year starting in 2023 (up from $16,000) to as many people as you wish, free of federal and Connecticut gift tax, without using up any of your estate and gift tax exemption.
Connecticut increased its lifetime gift tax exemption to $9.1 million for the tax year 2022, with the plan to rise in subsequent years. This means you won't owe a Connecticut gift tax unless the gifts you provide in those years exceed their corresponding exemption levels.
You can give up to the annual exclusion amount ($17,000 in 2023) to any number of people every year, without facing any gift taxes or filing a gift tax return. If you give more than $17,000 in 2023 to someone in one year, you do not automatically have to pay a gift tax on the overage.