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 legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document