Sec.1-81-20. Valuation of benefits

(a) Pursuant to section 1-79(5) of the Connecticut General Statutes, certain categories of benefits are excluded from the term “Gift” if the dollar value of the benefit is limited (e.g., a certificate, plaque or other ceremonial award costing less than one hundred dollars; or food and beverage costing less than fifty dollars in the aggregate per recipient in a calendar year).

(b) In determining the value of any benefit for the purposes of sections 1-84(j), 1-84(m), and 1-79(5) of the Connecticut General Statutes, the following rules shall apply:

(1) the value of the benefit equals the cost to the donor or payor if the benefit was obtained by the donor or payor in a marketplace transaction;

(2) when (1), above, is not applicable the value equals the fair market value of the benefit as determined by its replacement cost, i.e., the cost of purchasing the same or a similar item in a marketplace transaction;

(3) when (1) and (2), above, are not applicable, the recipient may use any reasonable method to determine value (e.g., appraisal of unique item);

(4) when (1), (2), and (3), above, are not applicable, the value of the benefit is indeterminable. If the value of a benefit is indeterminable, an individual subject to section 1-84(j) or (m) of the Connecticut General Statutes shall not accept the item, unless its value is clearly insignificant.

(c) Notwithstanding the valuation rules set forth in subsection (b) of this section no benefit shall be deemed to accrue to any individual unless it “. . . is directly and personally received” as required by section 1-79(5) of the Connecticut General Statutes. For the meaning and application of the term “directly and personally received” see section 1-92-54 of the Regulations of Connecticut State Agencies.

(Effective June 16, 1993; Amended March 3, 1998; Amended January 2, 2008; Amended May 11, 2023)