26 U.S. Code § 2604 - Credit for certain State taxes
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(a) General rule
If a generation-skipping transfer (other than a direct skip) occurs at the same time as and as a result of the death of an individual, a credit against the tax imposed by section 2601 shall be allowed in an amount equal to the generation-skipping transfer tax actually paid to any State in respect to any property included in the generation-skipping transfer.
The aggregate amount allowed as a credit under this section with respect to any transfer shall not exceed 5 percent of the amount of the tax imposed by section 2601 on such transfer.
Source(Added Pub. L. 99–514, title XIV, § 1431(a),Oct. 22, 1986, 100 Stat. 2718; amended Pub. L. 107–16, title V, § 532(c)(10),June 7, 2001, 115 Stat. 75.)
2001—Subsec. (c). Pub. L. 107–16added subsec. (c).
Effective Date of 2001 Amendment
Amendment by Pub. L. 107–16applicable to estates of decedents dying, and generation-skipping transfers, after Dec. 31, 2004, see section 532(d) ofPub. L. 107–16, set out as a note under section 2011 of this title.
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