Sec. 12-390c. Payment. Penalties. Interest. Extension.
Sec. 12-390c. Payment. Penalties. Interest. Extension. (a) (1) The tax imposed
by section 12-390b shall be due, become payable, and shall be paid, without assessment,
notice or demand, to the Commissioner of Revenue Services upon a taxable distribution
or taxable termination as determined under applicable provisions of the federal generation-skipping transfer tax. The person liable for payment of the federal generation-skipping transfer tax shall be liable for the tax imposed by this section. Such tax shall be
paid to the Commissioner of Revenue Services on or before the last day allowed for
filing a return, determined without regard to any extension of time for filing the return.
If the amount of tax reported to be due on the return is not paid on or before such date,
there shall be imposed a penalty equal to ten per cent of such amount due and unpaid.
Such amount shall bear interest at the rate of one per cent per month or fraction thereof
from the due date of such tax until the date of payment. Subject to the provisions of
section 12-3a, the commissioner may waive all or part of the penalties provided under
this section when it is proven to his satisfaction that the failure to pay any tax was due
to reasonable cause and was not intentional or due to neglect.
(2) The Commissioner of Revenue Services may, for reasonable cause shown, extend the time for payment. The commissioner may require the filing of a tentative return
and the payment of the tax reported to be due in connection with such extension. Any
additional tax which may be found to be due on the filing of a return as allowed by such
extension shall bear interest at the rate of one per cent per month or fraction thereof
from the original due date of such tax to the date of actual payment.
(3) Whenever there is an overpayment of the tax imposed by section 12-390b, the
Commissioner of Revenue Services shall return to the person who was liable for the
tax, the overpayment which shall bear interest at the rate of two-thirds of one per cent
per month or fraction thereof, said interest commencing from the due date of the tax or
the date of payment, whichever is later.
(b) (1) The tax imposed by this chapter shall be reported on a tax return that shall
be made and filed with the Commissioner of Revenue Services on or before the last day
prescribed for filing the federal return. The person who is required to file a return reporting a generation-skipping transfer under the federal Internal Revenue Code and the
regulations thereunder shall file the return with the Commissioner of Revenue Services.
For purposes of this section, the requirements for filing a return shall be satisfied by
filing a duplicate copy of the federal return, with a schedule detailing the value and
location of all transferred real and tangible personal property which is subject to generation-skipping transfer taxes attached thereto.
(2) The Commissioner of Revenue Services may, for reasonable cause shown, extend the time for filing the return.
(3) If the person required to make and file the tax return under this chapter fails to
file the return within the time prescribed, the commissioner may assess and compute
the tax upon the best information obtainable. To the tax imposed upon the basis of such
return, there shall be added an amount equal to ten per cent of such tax or fifty dollars,
whichever is greater. The tax shall bear interest at the rate of one per cent per month or
fraction thereof, from the due date of such tax until the date of payment.
(c) No person shall be subject to a penalty under both subsections (a) and (b) of this
section in relation to the same tax period.
(P.A. 97-165, S. 11, 16.)
History: P.A. 97-165 effective July 1, 1997, and applicable to taxable distributions or taxable terminations occurring
on or after July 1, 1997.