Interest on delayed gift-tax payments revised to a monthly rate and calculation method; shorter payment window imposed. Amendment shortens the payment period in section 32 by substituting thirty days for thirty-five days, and replaces the prior annual interest provision ... Summary
Interest on delayed gift-tax payments revised to a monthly rate and calculation method; shorter payment window imposed.
Amendment shortens the payment period in section 32 by substituting thirty days for thirty-five days, and replaces the prior annual interest provision with a monthly charge of one and one-half per cent for every month or part of a month from the day after the subsection (1) period until payment; a transitional proviso requires that periods spanning 31 March 1989 compute interest after that date at the stated monthly rate.
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