Florida Statutes 198.021 – Tax upon generation-skipping transfers of residents
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Terms Used In Florida Statutes 198.021
- Generation-skipping transfer: means every transfer subject to the federal generation-skipping transfer tax in which transfer the original transferor is a resident of this state at the date of original transfer or the property transferred is real or personal property in this state. See Florida Statutes 198.01
- Legacy: A gift of property made by will.
- Original transferor: means any grantor, donor, trustor, or testator who by grant, gift, trust, or will makes a transfer of real or personal property that results in a federal generation-skipping transfer tax. See Florida Statutes 198.01
- Resident: means a natural person domiciled in the state. See Florida Statutes 198.01
- United States: when used in a geographical sense includes only the 50 states and the District of Columbia. See Florida Statutes 198.01
A tax is hereby imposed upon every generation-skipping transfer in which the original transferor is a resident of this state at the date of original transfer, in an amount equal to the amount allowable as a credit for state legacy taxes under s. 2604 of the Internal Revenue Code of 1986, as amended, to the extent such credit exceeds the aggregate amount of all constitutionally valid taxes on the same transfer actually paid to the several states of the United States other than this state.