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RSA 88-A:5 · Allowance for Exemptions, Deductions and Credits

Title: V: TAXATION
Chapter: 88-A · UNIFORM ESTATE TAX APPORTIONMENT ACT
Status: current
Official source linked: Yes

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88-A:5 Allowance for Exemptions, Deductions and Credits. –

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In making an apportionment, allowances shall he made for any exemptions granted, and for any deductions and credits allowed by the law imposing the tax.

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II.

Any exemption or deduction allowed by reason of the relationship of any person to the decedent or by reason of the purposes of the gift shall inure to the benefit of the person bearing such relationship or receiving the gift; except that when an interest is subject to a prior present interest which is not allowable as a deduction, the tax apportionable against the present interest shall be paid from principal.

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III.

Any deduction for property previously taxed and any credit for gift taxes or death taxes of a foreign country paid by the decedent or his estate shall inure to the proportionate benefit of all persons liable to apportionment.

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IV.

Any credit for inheritance, succession or estate taxes or taxes in the nature thereof in respect to property or interests includable in the estate shall inure to the benefit of the persons or interests chargeable with the payment thereof to the extent that, or in proportion as the credit reduces the tax.

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To the extent that property passing to or in trust for a surviving spouse or any charitable, public, or similar gift or bequest does not constitute an allowable deduction for purposes of the tax solely by reason of an inheritance tax or other death tax imposed upon and deductible from the property, the property shall not be included in the computation provided for in RSA 88-A:2, and to that extent no apportionment shall be made against the property. The sentence immediately preceding shall not apply to any case where the result will be to deprive the estate of a deduction otherwise allowable under Section 2053(d) of the Internal Revenue Code of 1954 of the United States or amendments thereof, relating to deduction for state death taxes on transfers for public, charitable or religious uses. Source. 1959, 158:1, eff. Oct. 1, 1959.

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Source note

Source. 1959, 158:1, eff. Oct. 1, 1959.

Source history

1959, 158:1, eff. Oct. 1, 1959

Related materials

Bill relationships

2011 HB569 House reference
tic union, shall have the same rights granted and is subject to the same limitations or restrictions imposed and established by: (1) RSA 78-B:2, XIII, relative to an exemption from property transfer taxes. (2) RSA 88-A:5, V, relative to taxation in the same manner provided for a survivor. (3) RSA 126-A:36 and RSA 126-A:37, relative to the state recovering expenses incurred in providing services. (4) RSA 137-J, relative to writ
2008 SB240 Senate reference
abitation, shall have the same rights granted and is subject to the same limitations or restrictions imposed and established by: (1) RSA 78-B:2, XIII, relative to an exemption from property transfer taxes. (2) RSA 88-A:5, V, relative to taxation in the same manner provided for a survivor. (3) RSA 126-A:36 and RSA 126-A:37, relative to the state recovering expenses incurred in providing services. (4) RSA 137-J, relative to writ
2007 HB905 House reference
n of Title V to Parties to Civil Unions 21-J:46 Application of Title V to Parties to Civil Unions. The provisions of title V of the Revised Statutes Annotated, including RSA 72, RSA 77, RSA 77-B, RSA 78-B, and RSA 88-A, shall apply to parties to a civil union as if federal income tax law and federal estate and gift tax law recognized such a civil union in the same manner as New Hampshire law. 6 Estate Tax Apportionment Act.