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§ 7-402. Generation-skipping transfer tax

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, § 7-402
§ 7-402. Generation-skipping transfer tax
In general
(a) Except as provided in subsection (b) of this section, a tax is imposed on a generation-skipping transfer that occurs at the same time and as a result of the death of an individual, if:
(1) the original transferor was a resident of this State on the date of the original transfer; or
(2)(i) the original transferor was not a resident of this State on the date of the original transfer; and
(ii) the generation-skipping transfer includes property having a situs in this State.
Direct skips
(b) The Maryland generation-skipping transfer tax does not apply to a direct skip, as defined under § 2612 of the Internal Revenue Code.

Credits

Added by Acts 1988, c. 643, § 2, eff. Jan. 1, 1989.
MD Code, Tax - General, § 7-402, MD TAX GENERAL § 7-402
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.
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