Transfers by nonresident individuals of real or personal property having an actual situs within Connecticut and of intangible personal property within Connecticut employed in carrying on a trade or business within Connecticut are subject to the gift tax. Examples of intangible personal property include corporate shares, a partnership interest, bonds, promissory notes, franchises, copyrights, patents, insurance policies and judgments. The criteria used, for gift tax purposes, to determine who is a resident or nonresident individual are the same criteria used for Connecticut income tax purposes. The amount by which the fair market value of the property, at the time of its transfer, exceeds the consideration is treated as a gift. If the gift tax is not paid when due, the donee will be personally liable for the tax to the extent of the value of the gift.
Taxable gifts are the total amount of gifts less certain deductions.
Certain transfers are wholly or partially excluded from the total amount of gifts . Future interests include reversions, remainders and other interests or estates, whether vested or contingent, and whether or not supported by a particular interest or estate, which are limited to commence in use, possession or enjoyment at some future date or time. E.g., a gift of real property situated in Massachusetts to a spouse is not deductible for Connecticut gift tax purposes, because the property is not includable, for Connecticut gift tax purposes, in the total amount of gifts. Where such consent is given, the gift tax liability of the spouses will be joint and several. An individual is considered to be the spouse of another only if married to the other at the time of the gift and not remarried during the remainder of the calendar year.