The legislature may provide by law for the taxation of estates taxed by the United States, but only to the extent of any credit allowed by federal law for the payment of the state tax and only for the purpose of education, to be divided between the common schools and the state university for their support and maintenance. The combined amount of these federal and state taxes may not exceed the estate tax which would be imposed by federal law alone. If another state of the United States imposes and collects death taxes against an estate which is taxable by the State of Nevada under this section, the amount of estate tax to be collected by the State of Nevada must be reduced by the amount of the death taxes collected by the other state. Any lien for the estate tax attaches no sooner than the time when the tax is due and payable, and no restriction on possession or use of a decedent?s property may be imposed by law before the time when the tax is due and payable in full under federal law. The State of Nevada shall:

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1.  Accept the determination by the United States of the amount of the taxable estate without further audit.

2.  Accept payment of the tax in installments proportionate to any which may be permitted under federal law.

3.  Impose no penalty for such a deferred payment.

4.  Not charge interest on a deferred or belated payment at any rate higher than may be provided in similar circumstances by federal law.