(1) A tax in an amount determined as provided in this section is imposed on every generation-skipping transfer.
The tax shall be an amount determined by multiplying the maximum amount allowable under section 2604 of the internal revenue code by a fraction, the numerator of which is the value of the property located in Colorado included in the generation-skipping transfer and the denominator of which is the value of all property included in the generation-skipping transfer.
Property located in Colorado includes real property situated in this state held in trustor otherwise; tangible personal property which has an actual situs in this state; and intangible personal property owned by a trust having its principal place of administration in this state at the time of the generation-skipping transfer.
Source: L. 79: Entire article added, p. 1433, § 16, effective July 3. L. 83: (2) amended,
p. 1534, § 5, effective July 1. L. 88: (2) amended, p. 1326, § 2, effective April 6.