Gift Tax

Filing Requirements

The gift tax was repealed by Acts 2007, No. 371 effective July 1, 2008.

For gifts that were made before July 1, 2008, a gift tax return, Form R-3302, is required to be filed by any individual, association, partnership, or corporation that made a gift to a single donee that exceeded the amount of the annual exclusion provided by R.S. 47:1205(A). If a gift exceeds the annual exclusion, a gift tax return must be filed even if no tax is due. A separate return must be filed for each calendar year that property is transferred by gift.

Who is liable for the gift tax?

The tax is primarily due and payable by the donor. In the case of a donor who has died before paying the gift tax, the tax must be reported and paid by the executor or administrator. If the tax was not paid when due, the donee will be liable for the tax up to the value of the gift.

Rate of Tax

The tax is two percent for the first $15,000 in taxable gifts and three percent for amounts above $15,000. The tax is computed by applying the tax rates to the total of all taxable gifts made since July 30, 1940, after allowing the annual exclusions and any portion of the claimed and allowed specific lifetime exemption.

Date Tax Due

Returns and payments must be made and filed with the Secretary of Revenue on or before the 15th day of April of the calendar year immediately following the year in which the gift or gifts were made.