SN 92(18)

Gift Tax

PURPOSE: This Special Notice describes gift tax amendments that were made by the May 1992 Special Session of the General Assembly.

STATUTORY AUTHORITY: 1992 Conn. Pub. Acts 5, §37 (May Spec. Sess.).

EFFECTIVE DATE: Effective upon issuance.

EXTENSIONS PERMITTED: The Commissioner is now empowered, for good cause shown, to extend the time for filing a gift tax return or paying gift tax, if, on or before the last day for filing the return (ordinarily, April 15), a written request for extension (Form CT-709EXT) is filed with the Department together with payment of the tax tentatively believed to be due. Any person to whom an extension is granted shall, in the event that any amount in excess of the tentative tax is reported to be due on the gift tax return, pay interest at the rate of 1 1/4 % per month or fraction thereof on such excess from the date on which the tax would have been due without the extension until the date of payment.

FEDERAL CHANGES REQUIRED TO BE REPORTED: If the Internal Revenue Service changes or corrects the amount of taxpayer's taxable gifts, the taxpayer is now required to report (by filing a Form CT-709 and checking the amended return box thereon) such change or correction within 90 days after the final determination of such change or correction. The taxpayer shall concede the accuracy of such determination or indicate wherein it is erroneous. The time for filing the amended Form CT-709 may be extended by the Commissioner upon due cause shown.

Any taxpayer filing an amended federal gift tax return (Form 709) is now required to file within 90 days thereafter an amended Connecticut gift tax return. The time for filing the amended Form CT-709 may be extended by the Commissioner upon due cause shown.

If, upon examination of the amended Form CT-709, it is determined that the taxpayer is liable for payment of additional tax, the Department will notify such taxpayer of the amount of such additional tax, together with interest thereon computed at the rate of 1 1/4% per month or fraction thereof from the date when the original tax became due and payable.

If, upon examination of the amended Form CT-709, it is determined that the taxpayer has overpaid the Connecticut gift tax due, the amount of such overpayment shall be paid to the taxpayer. 

SN 92(18)
Gift tax
Issued 7/13/92