Florida Statutes 198.031 – Tax upon generation-skipping transfers of nonresidents
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Terms Used In Florida Statutes 198.031
- Federal generation-skipping transfer tax: means the tax imposed by chapter 13 of the Internal Revenue Code of 1986, as amended. See Florida Statutes 198.01
- 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
- Personal property: All property that is not real property.
- Resident: means a natural person domiciled in the state. See Florida Statutes 198.01
A tax is hereby imposed upon every generation-skipping transfer in which the original transferor is not a resident of this state at the date of the original transfer but in which the property transferred includes real or personal property in this state, 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, 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 transferred property taxable by all other states bears to the value of the gross generation-skipping transfer for federal generation-skipping transfer tax purposes.