Florida Statutes 198.155 – Payment of tax on generation-skipping transfers
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 198.155
- Department: means the Department of Revenue. See Florida Statutes 198.01
- Federal generation-skipping transfer tax: means the tax imposed by chapter 13 of the Internal Revenue Code of 1986, as amended. See Florida Statutes 198.01
- Generation-skipping transfer: means every transfer subject to the federal generation-skipping transfer tax in which transfer the original transferor is a resident of this state at the date of original transfer or the property transferred is real or personal property in this state. See Florida Statutes 198.01
- Person: means persons, corporations, associations, joint stock companies, and business trusts. See Florida Statutes 198.01
(1) The person liable for payment of the federal generation-skipping transfer tax shall be liable for the tax imposed by ss. 198.021 and 198.031.
(2) The tax imposed by ss. 198.021 and 198.031 is due upon a taxable distribution or taxable termination as determined under applicable provisions of the federal generation-skipping transfer tax.
(3) The tax becomes delinquent the day after the last day allowed for filing a return for the generation-skipping transfer.
(4) The tax shall be paid to the Department of Revenue.
(5) If the tax, or any portion thereof, is not paid before it becomes delinquent, it shall bear interest at the rate of 1 percent per month for each month or fraction thereof that it is delinquent.