Section 7-402 – Imposition of Tax
(a) Except as provided in subsection (b) of this section, a tax is imposed on a generation-skipping transfer that occurs at the same time and as a result of the death of an individual, if: (1) the original transferor was a resident of this State on the date of the original transfer; or (2) (i) the original transferor was […]
Section 7-403 – Amount of Tax
The Maryland generation-skipping transfer tax is the amount of the federal credit.
Section 7-404 – Value of Property
The value of property included in a generation-skipping transfer is the same value as determined under Chapter 13 of the Internal Revenue Code.
Section 7-405 – Tax Return
(a) The person required to file a federal generation-skipping transfer tax return on which a federal credit is allowable shall complete and file a Maryland generation-skipping transfer tax return with the Comptroller on or before the last day for filing the federal return. (b) If, after a person files a Maryland generation-skipping transfer tax return, the federal […]
Section 7-406 – Tax Payment
The person required to pay the federal generation-skipping transfer tax shall pay the Maryland generation-skipping transfer tax to the Comptroller on or before the last day for filing a Maryland generation-skipping transfer tax return.