Section 40-15A-1 Meaning of “generation-skipping transfer.” Pursuant to this chapter, the term “generation-skipping transfer” shall have the meaning ascribed to it in Section 2611 of the Internal Revenue Code, as amended from time to time. (Acts 1988, 1st Ex. Sess., No. 88-837, p. 307, §1.)
Section 40-15A-13 Administration of chapter. The administration of this chapter shall be conducted in accordance with Title 40, Chapter 15. The Department of Revenue shall prescribe the forms and reasonable rules of procedure in conformity with this chapter for making returns and for ascertainment, assessment and collection of the taxes imposed hereunder. (Acts 1988, 1st […]
Section 40-15A-14 Property outside of state. The Department of Revenue is hereby granted authority to issue regulations setting forth how an allocation of the tax imposed by this chapter shall be made in the event property subject to tax hereunder shall also be subject to a generation-skipping transfer tax in another state. (Acts 1988, 1st […]
Section 40-15A-2 Amount of tax. Subject to the exception hereinafter stated, there is hereby levied and imposed upon all generation-skipping transfers occurring after December 31, 1987 that involve property subject to tax pursuant to Section 40-15A-3 hereunder, a tax equal to the full amount of state tax permissible when levied by and paid to the […]
Section 40-15A-3 Taxable property. The tax imposed by the provisions of this chapter shall be applicable to the following property: (1) Any intangible personal property of a transferor who is domiciled in the State of Alabama (i) as of the date of the transfer, or (ii) as of the date of his death if such […]
Section 40-15A-4 Payment of tax imposed; property to which it is charged. (a) The tax imposed by this chapter shall be paid by such individual or entity person as is liable for making payment of the federal generation-skipping transfer tax pursuant to federal law. (b) The tax imposed by this chapter shall be charged to […]
Section 40-15A-5 Duplicate of federal returns filed with federal authorities; computation by Department of Revenue; disposition of proceeds. (a) A duplicate of all the returns filed with the federal authorities in connection with the federal generation-skipping transfer tax shall be filed with the Department of Revenue of the State of Alabama. When such duplicate return […]
Section 40-15A-7 Extenuation of time for payment; payment demand not in excess of total tax. The tax hereby levied being based and conditioned upon the levy of a similar tax by the United States, in the event that after due return filed with the federal authorities and the Department of Revenue, the tax shall not […]
Section 40-15A-9 Lien of State. The State of Alabama shall have a lien for all taxes and interest thereon which are or may become due hereunder on all property subject to taxes under this chapter, in whatever form of investment it may happen to be, and all property acquired in substitution therefor. (Acts 1988, 1st […]
