2012 US Code
Title 26 - Internal Revenue Code
Subtitle B - Estate and Gift Taxes (§§ 2001 - 2801)
Chapter 13 - TAX ON GENERATION-SKIPPING TRANSFERS (§§ 2601 - 2664)
Subchapter A - Tax Imposed (§§ 2601 - 2604)
Section 2604 - Credit for certain State taxes
| Publication Title | United States Code, 2012 Edition, Title 26 - INTERNAL REVENUE CODE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle B - Estate and Gift Taxes CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS Subchapter A - Tax Imposed Sec. 2604 - Credit for certain State taxes |
| Contains | section 2604 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Added Pub. L. 99-514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2718; amended Pub. L. 107-16, title V, §532(c)(10), June 7, 2001, 115 Stat. 75. |
| Statutes at Large References | 100 Stat. 2718 115 Stat. 75 |
| Public Law References | Public Law 99-514, Public Law 107-16 |
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If a generation-skipping transfer (other than a direct skip) occurs at the same time as and as a result of the death of an individual, a credit against the tax imposed by section 2601 shall be allowed in an amount equal to the generation-skipping transfer tax actually paid to any State in respect to any property included in the generation-skipping transfer.
(b) LimitationThe aggregate amount allowed as a credit under this section with respect to any transfer shall not exceed 5 percent of the amount of the tax imposed by section 2601 on such transfer.
(c) TerminationThis section shall not apply to the generation-skipping transfers after December 31, 2004.
(Added Pub. L. 99–514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2718; amended Pub. L. 107–16, title V, §532(c)(10), June 7, 2001, 115 Stat. 75.)
Amendments2001—Subsec. (c). Pub. L. 107–16 added subsec. (c).
Effective Date of 2001 AmendmentAmendment by Pub. L. 107–16 applicable to estates of decedents dying, and generation-skipping transfers, after Dec. 31, 2004, see section 532(d) of Pub. L. 107–16, set out as a note under section 2011 of this title.
Effective DateSection applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after Oct. 22, 1986, except as otherwise provided, see section 1433 of Pub. L. 99–514, set out as a note under section 2601 of this title.
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