§ 7–401
Statutes in effect as of October 1, 2026.
Md. Code Ann., Tax-Gen. § 7-401 (2026)
Title 7. Death Taxes
Subtitle 4. Maryland Generation-Skipping Transfer Tax
§ 7–401LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(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.
(c)
“Federal generation-skipping transfer tax” means the tax imposed by § 2601 of the Internal Revenue Code.
(d)
“Generation-skipping transfer” means a transfer subject to the federal generation-skipping transfer tax.
(e)
“Original transferor” means an individual who makes a transfer of property that results in the imposition of the federal generation-skipping transfer tax.