§ 997. Extensions of time for payment of estate tax where estate\nconsists largely of interest in closely held businesses. The provisions\nof section 6166 of the internal revenue code shall apply to this section\nto the same extent as if such section of such code were contained in and\nmade part of this section (whether or not a federal estate tax return is\nrequired to be filed) except as provided herein:\n (a) The phrase "adjusted gross estate" shall be read as "adjusted\nfederal gross estate determined without reference to paragraphs (1), (2)\nand (3) of subsection (a) of section nine hundred fifty-four" of this\narticle.\n (b) The phrase "section 2001" shall be read as "section nine hundred\nfifty-two or section nine hundred sixty" of this article.\n (c) The phrase "the date prescribed by section 6151(a) for payment of\nthe tax" shall be read as "the date prescribed by this article for the\npayment of the tax (without regard to any extension of time)".\n (d) The term "secretary" shall be read as "commissioner of taxation\nand finance".\n (e) Election. The election under this section shall not be allowed\nunless a similar election was made and allowed with respect to the\nfederal estate tax return required to be filed under the provisions of\nthe internal revenue code. If such election was made for the purposes of\nthe federal estate tax, the time for making the election under this\narticle shall be the same as is required under the federal estate tax.\nWhere no federal estate tax return is required to be filed, the election\nwith respect to the tax imposed under this article shall be made no\nlater than the date prescribed for the filing of the return under this\narticle (including extensions thereof) or any time thereafter as the\ncommissioner of taxation and finance may by regulation prescribe.\n (f) The commissioner of taxation and finance may, at any time, require\na bond to be filed with him, which bond has been issued by a surety\ncompany approved by the superintendent of financial services as to\nsolvency and responsibility and authorized to transact business in this\nstate or other security acceptable to such commissioner, in an amount\nnot exceeding twice the amount for which the time for payment has been\nextended under this section, to secure the payment of the estate tax and\ninterest, the time for payment of which has been extended under this\nsection.\n (g) If an acceleration of payment occurs with respect to the tax\nimposed by this article, the extension of time for payment of the tax\nimposed by this article shall cease to apply and any unpaid portion of\nthe tax payable in installments shall be paid upon notice and demand\nfrom the commissioner of taxation and finance. If any such acceleration\nof payment is avoided by a payment within six months of the due date\nthereof, then the provisions of subsection (j) of this section with\nrespect to a two percent rate of interest shall not apply to said\npayment and there is imposed a penalty of five percent of the amount of\nsuch payment multiplied by the number of months, or fractions thereof,\nafter the due date of the payment and before payment is made. Such\nacceleration of payment shall occur if:\n (1) any installment of estate tax imposed by this article is not paid\non or before the date fixed for its payment (including any extension of\ntime for the payment of such installment), or\n (2) the executor has been notified by the commissioner of taxation and\nfinance that a bond or other security is required, but no such bond or\nother security has been filed within thirty days from the date of\nmailing of such notification, or\n (3) an acceleration of payment has occurred with respect to the\nelection by the executor to pay part or all of the federal estate tax in\ninstallments or, where no federal estate tax return is required to be\nfiled, an acceleration of payment has occurred by virtue of the\nprovisions of subsection (g) of section 6166 of th
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