§ 976 — Extensions of time

New York § 976

• Jurisdiction: New York
• Law TAX: Tax
• Part 2: Returns and Payment of Tax
• Art. 26: Estate Tax

Text

§ 976. Extensions of time. (a) General. (1) The commissioner of\ntaxation and finance may grant a reasonable extension of time for\npayment of tax (or any installment), or for filing any return, statement\nor other document required pursuant to this article, on such terms and\nconditions as he may require. Except in the case of executors who are\noutside the United States, no such extension for filing any return,\nstatement or other document shall exceed six months. Except as otherwise\nprovided in this article, no such extension for payment shall exceed\ntwelve months from the date fixed for payment.\n (2) Where there is included in the value of the gross estate the value\nof a reversionary or remainder interest in property, the payment of the\npart of the tax imposed by this article attributable to such interest\nmay, at the election of the executor, be postponed until six months\nafter the termination of the precedent interest or interests in the\nproperty, and the amount the payment of which is so postponed shall then\nbe payable, together with interest thereon. If the commissioner of\ntaxation and finance finds that the payment of the tax within such six\nmonths would result in undue hardship to the estate and said\ncommissioner has approved payment in respect of such tax over a longer\nperiod, he may extend the time for a payment for a reasonable period not\nin excess of three years from the expiration of such six months. The\npostponement of the payment of any such amount shall be under such\nregulations as the commissioner of taxation and finance may prescribe,\nand shall be upon condition that the executor, or any other person\nliable for the tax, shall comply with subsection (c) of this section\n(relating to furnishing of security).\n (3) If the commissioner of taxation and finance finds that the payment\non the due date of any part of the amount of the tax imposed by this\narticle would result in undue hardship to the estate, he may extend the\ntime for payment for such period as he may deem reasonable, but not to\nexceed four years from the date of death, and may require payment to be\nmade in annual installments.\n (b) Whenever the commissioner extends the time for the payment of tax\nunder this section, that portion of the tax as to which an extension is\ngranted shall bear interest from the date the tax is required to be\npaid, to the date of payment without regard to any extension of time for\nthe payment of the tax or filing of the return, at the rate prescribed\nin subsection (a) of section six hundred eighty-four of this chapter.\n (c) Furnishing of security. If any extension of time is granted for\npayment of any amount of tax, the commissioner of taxation and finance\nmay require the taxpayer to furnish a bond issued by a surety company\napproved by the superintendent of financial services as to solvency and\nresponsibility and authorized to transact business in this state or\nother security acceptable to such commissioner in an amount not\nexceeding twice the amount for which the extension of time for payment\nis granted, on such terms and conditions as such commissioner may\nrequire.\n (d) Cross reference. For extensions of time for payment of estate tax\nwhere an estate consists largely of interest in closely held businesses,\nsee section nine hundred ninety-seven of this article.\n (e) If the decedent has a cause of action pending at the time of\ndeath, or a cause of action arises which is related to the decedent's\ndeath, and any recovery under the cause of action is to be taxable under\nthis article, the commissioner shall waive any penalty and interest\nassociated with such cause of action which accrues from the date that\nthe return disclosing such cause of action is filed, provided that such\npenalty and interest may not be waived for periods beyond one year after\nthe date of final judgment or settlement of the cause of action.\n