§ 44-40-3. Tax imposed — Amount — Property in another state.
(a) A tax is imposed upon every generation-skipping transfer in an amount equal to the amount allowable as a credit for state legacy taxes under 26 U.S.C. § 2604.
(b) If any of the property transferred is real property in another state or personal property having taxable situs in another state which requires the payment of a tax for which credit is received against the federal generation-skipping transfer tax, any tax due pursuant to subsection (a) of this section shall be reduced by an amount which bears the same ratio to the total state tax credit allowable for federal generation-skipping transfer tax purposes as the value of the property taxable in the other state bears to the value of the gross generation-skipping transfer for federal generation-skipping transfer tax purposes.
History of Section.P.L. 1981, ch. 264, § 1; P.L. 1991, ch. 44, art. 34, § 1.
Structure Rhode Island General Laws
Chapter 44-40 - Generation Skipping Transfer Tax
Section 44-40-1. - Short title.
Section 44-40-2. - Definitions.
Section 44-40-3. - Tax imposed — Amount — Property in another state.
Section 44-40-4. - Time for filing — Filing copy of federal return.
Section 44-40-5. - Contents of return.
Section 44-40-6. - Amended return — Filing — Increase or decrease.
Section 44-40-8. - False or fraudulent return — Determination by administrator at any time.
Section 44-40-9. - Setting aside or correcting an erroneous determination.
Section 44-40-10. - Notice of deficiency and penalty — Copies.
Section 44-40-11. - Claim of erroneous deficiency — Action — Time for bringing.
Section 44-40-12. - Person liable.
Section 44-40-13. - Time of payment.
Section 44-40-14. - Delinquency — Interest on delinquency — Applicability of payments.