§236D-7  Interest on amount due; extensionof time to file federal return.  (a)  Any tax due under this chapter whichis not paid by the time prescribed for the filing of the report as provided insection 236D-5, not including any extension in respect to the filing of thereport or the payment of the tax, shall bear interest at the rate in section231-39(b)(4) from the date any tax is due until paid.

(b)  If the report provided for in section236D-5 is not filed within the time periods specified, then there shall bepaid, in addition to the interest provided in this section, a penalty equal tofive per cent of the tax due in respect to the transfer or generation-skippingtransfer for each month beyond the time periods that the report has not beenfiled, but no penalty so imposed shall exceed a total of twenty-five per centof the tax.

(c)  If the person required to pay the tax hasobtained an extension of time for payment of the federal tax, the person mayelect to extend the time for payment of the tax due under this chapter inaccordance with the extension.  The election shall be made by filing a truecopy of the extension of time for payment with the report and the returnsrequired under section 236D-5. [L 1983, c 217, pt of §1; am L 1994, c 142, §6]