United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle B. Estate and Gift Taxes |
Chapter 13. TAX ON GENERATION-SKIPPING TRANSFERS |
SubChapter A. Tax Imposed |
§ 2604. Credit for certain State taxes
-
(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.
(b) Limitation 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.
(c) Termination This section shall not apply to the generation-skipping transfers after
December 31, 2004 .
Amendments
2001—Subsec. (c). Pub. L. 107–16 added subsec. (c).
Effective Date Of Amendment
Amendment by Pub. L. 107–16 applicable to estates of decedents dying, and generation-skipping transfers, after
Effective Date
Section applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after