Home Table of Contents

§ 7-401. Definitions

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 7. Death Taxes (Refs & Annos)
Subtitle 4. Maryland Generation-Skipping Transfer Tax (Refs & Annos)
MD Code, Tax - General, § 7-401
§ 7-401. Definitions
In general
(a) In this subtitle the following words have the meanings indicated.
Federal credit
(b) “Federal credit” means:
(1) the maximum allowable credit for State taxes under § 2604 of the Internal Revenue Code against the federal generation-skipping transfer tax; less
(2) the amount that bears the same ratio to the maximum allowable credit as the value of the generation-skipping transfer taxable by all other states bears to the total value of the generation-skipping transfer.
Federal generation-skipping transfer tax
(c) “Federal generation-skipping transfer tax” means the tax imposed by § 2601 of the Internal Revenue Code.
Generation-skipping transfer
(d) “Generation-skipping transfer” means a transfer subject to the federal generation-skipping transfer tax.
Original transferor
(e) “Original transferor” means an individual who makes a transfer of property that results in the imposition of the federal generation-skipping transfer tax.


Added by Acts 1988, c. 643, § 2, eff. Jan. 1, 1989.
MD Code, Tax - General, § 7-401, MD TAX GENERAL § 7-401
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document