Section 7-401 - Definitions. - Maryland Statutes

§ 7-401. Definitions.
 

(a)  In general.- In this subtitle the following words have the meanings indicated. 

(b)  Federal credit.- "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.- "Federal generation-skipping transfer tax" means the tax imposed by § 2601 of the Internal Revenue Code. 

(d)  Generation-skipping transfer.- "Generation-skipping transfer" means a transfer subject to the federal generation-skipping transfer tax. 

(e)  Original transferor.- "Original transferor" means an individual who makes a transfer of property that results in the imposition of the federal generation-skipping transfer tax. 
 

[1988, ch. 643, § 2.]