§236D-7  Interest on amount due; extension
of time to file federal return.  (a)  Any tax due under this chapter which
is not paid by the time prescribed for the filing of the report as provided in
section 236D-5, not including any extension in respect to the filing of the
report or the payment of the tax, shall bear interest at the rate in section
231-39(b)(4) from the date any tax is due until paid.



(b)  If the report provided for in section
236D-5 is not filed within the time periods specified, then there shall be
paid, in addition to the interest provided in this section, a penalty equal to
five per cent of the tax due in respect to the transfer or generation-skipping
transfer for each month beyond the time periods that the report has not been
filed, but no penalty so imposed shall exceed a total of twenty-five per cent
of the tax.



(c)  If the person required to pay the tax has
obtained an extension of time for payment of the federal tax, the person may
elect to extend the time for payment of the tax due under this chapter in
accordance with the extension.  The election shall be made by filing a true
copy of the extension of time for payment with the report and the returns
required under section 236D-5. [L 1983, c 217, pt of §1; am L 1994, c 142, §6]