Eighty Per Cent Credit Law and Legal Definition
Eighty per cent credit means credit provided against federal estate tax for estate, inheritance, or succession taxes, paid to a state.
If an estate is situated partly in a state and partly outside the state, then the portion of the eighty per cent credit to which the state is entitled is computed on the basis of the total amount of federal taxes finally determined and assessed, in portion to the value of that part of the estate situated in the state, as compared with that portion of the value of the estate situated outside the state. [Simco v. Shirk, 146 Tex. 259 (Tex. 1947)].