(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.
History.—s. 21, ch. 80-153.
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