
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-16 Section 532(c)(10)]
[CITE: 26USC2604]

 
                     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


(a) General rule

    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) Limitation

    The 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.

(Added Pub. L. 99-514, title XIV, Sec. 1431(a), Oct. 22, 1986, 100 Stat. 
2718.)


                             Effective Date

    Section 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 164, 2654 of this title.
