Sec. 211.051. TAX ON PROPERTY OF RESIDENT

(a) A tax equal to the amount of the federal credit is imposed on the transfer at death of the property of every resident.

(b) If the estate of a resident is subject to a death tax imposed by another state or states for which the federal credit is allowable, the amount of the tax due under this section is reduced by the lesser of:

(1) the amount of the death tax paid the other state or states and that is allowable as the federal credit; or

(2) an amount determined by multiplying the federal credit by a fraction, the numerator of which is the value of the resident's gross estate less the value of the property of a resident, as defined by Section (c) of this section, that is included in the gross estate and the denominator of which is the value of the resident's gross estate.

(c) Property of a resident includes real property having an actual situs in this state whether or not held in trust; tangible personal property having an actual situs in this state; and all intangible personal property, wherever the notes, bonds, stock certificates, or other evidence, if any, of the intangible personal property may be physically located or wherever the banks or other debtors of the decedent may be located or domiciled; except that real property in a personal trust is not taxed if the real property has an actual situs outside this state.

Amended by Acts 1981, 67th Leg., p. 2759, ch. 752, Sec. 6(a), eff. Jan. 1, 1982.