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
(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:
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
(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: