[§236D-3.5]  Generation-skipping transfers;tax imposed; credit for tax paid other state.  (a)  A tax in an amountequal to the federal credit is imposed on every generation-skipping transferof:

(1)  Property located in this State; and

(2)  Property from a resident trust.

(b)  If the generation-skipping transfer issubject in another state to a similar tax and qualifies for the federal credit,the amount of the tax due under this section shall be credited with the lesserof:

(1)  The amount of the tax paid to the other stateand  credited against the federal tax; or

(2)  An amount computed by multiplying the federalcredit by a fraction, the numerator of which is the value of the propertysubject to the generation-skipping transfer tax paid to the other state, andthe denominator of which is the value of all property subject to the federalgeneration-skipping transfer tax.

If paragraph (1) or (2) results in an amount lessthan the total federal credit allowed being paid to all states which may claimany part of the credit, then the interested states may agree to a fair andequitable apportionment of the credit without regard to the residence of thetrust. [L 1994, c 142, §1]