Generation-Skipping Transfer Tax Law

This act imposes a state tax on generation-skipping transfers of property, keyed to the federal generation-skipping transfer tax regime, with a return that must be filed together with a copy of the corresponding federal return and an adjustment to the amount owed where transferred property lies in another state. It identifies the person liable for the tax and sets out what the return must contain, how a return may be amended when the tax due increases or decreases, and when and by what methods payment must be made, with interest accruing on delinquent amounts and rules governing collection and the application of payments. It also establishes the administrative side: authority to determine deficiencies and issue notice with penalties, a limitation period on such determinations except where a return is false or fraudulent, a mechanism for setting aside or correcting an erroneous determination, and a taxpayer's right to bring an action contesting a deficiency within a prescribed time.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.