WILLIAM DONALD SCHAEFER, Governor

Ch. 2

(B)  IN GENERAL.

(1)  EXCEPT AS OTHERWISE. PROVIDED IN THIS SUBSECTION,
THE MARYLAND ESTATE TAX IS THE AMOUNT, IF ANY, BY WHICH THE
FEDERAL CREDIT EXCEEDS THE TOTAL OF DEATH TAXES OTHER THAN THE
MARYLAND ESTATE TAX THAT:

(I)  ARE IMPOSED BY A STATE ON PROPERTY INCLUDED
IN THE MARYLAND ESTATE;

(II)  ARE ALLOWABLE IN COMPUTING THE FEDERAL
CREDIT; AND

(III)  HAVE ACTUALLY BEEN PAID OUT OF THE
MARYLAND ESTATE AND RECEIVED BY THE APPROPRIATE UNIT OF THIS
STATE.

(2)  THE MARYLAND ESTATE TAX MAY NOT EXCEED THE AMOUNT
WHOSE TIMELY PAYMENT IN ACCORDANCE WITH FEDERAL LAW WOULD REDUCE
THE AMOUNT OF THE FEDERAL ESTATE TAX PAYABLE OUT OF THE MARYLAND
ESTATE TAX HAD THIS SUBTITLE NOT BEEN ENACTED.

(C)  FAILURE TO TAKE FULL FEDERAL CREDIT.

THE MARYLAND ESTATE TAX IS NOT AFFECTED BY A FAILURE TO TAKE
OR PRESERVE THE FEDERAL CREDIT.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 62A, §
1(h) and (i) and the second sentence and, except for
the first clause, the first sentence of § 2.

In subsection (a) of this section, the words "federal
credit" are substituted, as the defined term, for the
former word "credit", for clarity.

Also in subsection (a) of this section, the defined
term "death taxes" is substituted for the former
enumeration of state death taxes, for brevity.

Also in subsection (a) of this section, the reference
to "§ 2011 of the Internal Revenue Code" is
substituted for the former obsolete reference to "§
301(b) of said 'Revenue Act of 1926,'".

Also in subsection (a) of this section, the former
reference to a "territory or the District of Columbia"
is deleted as included in the defined term "state".

Subsection (b) of this section is revised to
incorporate the substance of former Art. 62A, § l(i),
which defined the term "State taxes", since a separate
definition is unnecessary in light of the definition
of "death taxes".

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