1. (a) In this subtitle the following words have the meanings indicated.

2. (b) “Federal credit” means:

   1. (1) the maximum allowable credit for State taxes under § 2604 of the Internal Revenue Code against the federal generation-skipping transfer tax; less
   2. (2) the amount that bears the same ratio to the maximum allowable credit as the value of the generation-skipping transfer taxable by all other states bears to the total value of the generation-skipping transfer.
3. (c) “Federal generation-skipping transfer tax” means the tax imposed by § 2601 of the Internal Revenue Code.
4. (d) “Generation-skipping transfer” means a transfer subject to the federal generation-skipping transfer tax.
5. (e) “Original transferor” means an individual who makes a transfer of property that results in the imposition of the federal generation-skipping transfer tax.

Added by Acts 1988, c. 643, § 2, eff. Jan. 1, 1989.