Sec. 12-376c. Extension of time for payment when estate consists primarily of works of art of the decedent.
Sec. 12-376c. Extension of time for payment when estate consists primarily of
works of art of the decedent. (a) Whenever the net taxable estate of any decedent,
hereinafter referred to as the transferor, as determined for purposes of the succession
tax under this chapter, consists primarily of works of art, as defined in subsection (b)
of this section, produced by the transferor, the actual market value of which in the
determination of the Commissioner of Revenue Services may not be ascertainable within
the period of extension for payment of said tax as granted by said commissioner in
accordance with section 12-376, said commissioner, upon request from the fiduciary
of such estate or the transferee of such works of art, may grant an extension of time to
allow the sale of such works of art determined to be necessary for payment of taxes due
under this chapter. Such extension may be in addition to any allowed in accordance
with said section 12-376, but the total of such extensions for purposes of this section
may not exceed five years in the aggregate. Any such extension of time for payment in
accordance with this section shall subject the amount of succession tax applicable with
respect to such estate to interest as provided in said section 12-376, from the expiration
of six months after the death of the transferor until the expiration of such extension or
extensions. The net taxable estate of any decedent shall be deemed to consist primarily
of such works of art when the estimated value of such works of art in the estate, according
to a determination approved by said commissioner, constitutes more than fifty per cent
of the total estimated value of the net taxable estate.
(b) "Works of art" for purposes of this section means tangible personal property
produced through the conscious use of certain skills, taste and creative imagination and
generally considered to represent a form of artistic expression, including but not limited
to sculpture, painting, drawings, photography, prints, tapestries, weavings, film videotape, folk arts and crafts, graphic design, pottery, architectural sketches and any other
such personal property considered to be art.
(c) The provisions of this section shall be applicable to the estate of any person
whose death occurs on or after July 1, 1984. The estate of any person whose death occurs
prior to July 1, 1984, shall be subject to the provisions of this chapter in effect at the
time of such person's death.
(P.A. 84-324, S. 1, 2; P.A. 90-148, S. 19, 34.)
History: P.A. 90-148 amended Subsec. (a) by reducing the period after which payment of tax shall be subject to interest
from nine to six months after the death of the transferor, effective July 1, 1990, and applicable to the estate of any transferor
whose death occurs on or after that date.