1022 - Imposition of tax. - New York Statutes

§ 1022. Imposition of tax. A tax is hereby imposed upon every generation-skipping transfer which includes New York property in an amount computed by multiplying the maximum amount allowable as a credit for state generation-skipping transfer taxes under section two thousand six hundred four of the internal revenue code by a fraction, the numerator of which is the value of the New York property included in the generation-skipping transfer and the denominator of which is the value of all the property included in the generation-skipping transfer. The person liable for payment of the federal generation-skipping transfer tax shall be liable for the tax imposed by this section.