Article 26-B - GENERATION-SKIPPING TRANSFER TAX

 

 1020. Applicable internal revenue code provisions. 
 
(a) General. For
 purposes of this article, any reference to the internal revenue code
 means the United States Internal Revenue Code of 1986, with all
 amendments enacted on or before July twenty-second, nineteen hundred
 ninety-eight.
 (b) Applicable estate tax provisions. Where any reference is made in
 this article (or in the provisions of the internal revenue code
 contained in section one thousand twenty-five) to provisions of the
 internal revenue code made applicable by section two, as amended, of
 chapter one thousand thirteen of the laws of nineteen hundred sixty-two,
 to the termination of the tax imposed by article twenty-six of this
 chapter and appended thereto, such internal revenue code provisions
 appended to such article twenty-six shall apply to the provisions of
 this article in the same manner and with the same force and effect as if
 the language of such provisions of the internal revenue code had been
 incorporated in full into this article except to the extent that any
 such provision is either inconsistent with a provision of this article
 or is not relevant thereto.
 
 1021. Definitions. For purposes of this article: 
 
 (a)
 Generation-skipping transfer. The term "generation-skipping transfer"
 includes every transfer subject to the tax imposed by section two
 thousand six hundred one of the internal revenue code which qualifies
 for the credit for generation-skipping transfer taxes under section two
 thousand six hundred four of the internal revenue code.
 (b) New York property. The term "New York property" includes (i) real
 property situated in this state, (ii) tangible personal property with an
 actual situs in this state, (iii) intangible personal property within
 this state employed in carrying on a trade, business or occupation in
 this state and (iv) intangible personal property where the original
 transferor was a resident of this state at the time of original
 transfer.
 (c) Original transferor. The term "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 under applicable provisions of the
 internal revenue code. The term "original transfer" shall mean such
 transfer by the "original transferor".
 (d) Person. The term "person" includes an individual, partnership,
 limited liability company, society, association, joint stock company,
 corporation, estate, receiver, trustee, assignee, referee, and any other
 person acting in a fiduciary or representative capacity, whether
 appointed by a court or otherwise, and any combination of the foregoing.
 
 1022. Imposition of tax. 
A tax is hereby imposed upon every
 generation-skipping transfer which includes New York property in an
 amount computed by multiplying the maximum amount allowable as a credit
 for state generation-skipping transfer taxes under section two thousand
 six hundred four of the internal revenue code by a fraction, the
 numerator of which is the value of the New York property included in the
 generation-skipping transfer and the denominator of which is the value
 of all the property included in the generation-skipping transfer. The
 person liable for payment of the federal generation-skipping transfer
 tax shall be liable for the tax imposed by this section.
 
 1023. Administration.
 
 (a) Returns and payment of tax. Every person
 liable for the tax imposed by this article shall, on or before the
 fifteenth day of the fourth month after the close of the calendar year
 in which the generation-skipping transfer occurred, file a return in
 such form and containing such information as the commissioner of
 taxation and finance may prescribe. Such person shall pay the tax
 imposed on such transfer with the filing of the return.
 (b) Procedural provisions. (1) The provisions of this chapter
 applicable to the tax imposed by article twenty-six relating to a lien
 for unpaid tax upon property transferred which arises at the time of the
 decedent's death and the personal liability of various transferees for
 such tax and all the provisions of subsections (c), (d), (e), (f) and
 (h) of section six hundred fifty-one, subsections (a) and (c) of section
 six hundred fifty-three, section six hundred fifty-seven, subsections
 (a), (b) and (e) of section six hundred fifty-eight, section six hundred
 fifty-nine and sections six hundred eighty-one through six hundred
 ninety-seven and section nine hundred ninety-two of this chapter shall
 apply to the provisions of this article with the same force and effect
 as if the language of those subsections and sections had been
 incorporated in full into this article and had expressly referred to the
 tax under this article, except to the extent that any such provision is
 either inconsistent with or not relevant to this article and with such
 modification as may be necessary to adapt the language of such
 provisions to the tax imposed by this article.
 (2) Cross reference: For criminal penalties, see article thirty-seven
 of this chapter.
 1024. Deposit and disposition of revenue. 
 
All revenue collected or
 received by the commissioner of taxation and finance under this article
 shall be deposited and disposed of pursuant to the provisions of section
 one hundred seventy-one-a of this chapter.
 
 1025. Appendix to article twenty-six-B. 
 
The following provisions of
 the United States Internal Revenue Code of 1986 shall apply to the tax
 imposed by this article, to the extent specified in this article: