§ 44-40-14 - Delinquency – Interest on delinquency – Applicability of payments.
SECTION 44-40-14
§ 44-40-14 Delinquency – Interest ondelinquency – Applicability of payments. – The tax becomes delinquent from and after the last day allowed for filing areturn for the generation skipping transfer. If the tax is not paid before itbecomes delinquent, it bears interest after this and until it is paid at therate of twelve percent (12%) per annum. Every payment on the tax imposed bythis part is applied, first, to any interest due on the tax, and then, if thereis any balance, to the tax itself.