(a) Every person required to file a return reporting a generation-skipping transfer under applicable federal statute and regulations shall file a return with the department of revenue on or before the last day prescribed for filing the federal return, and shall pay the tax imposed by § 67-8-603 at that time. There shall be attached to the return filed with the department a duplicate copy of the federal return.
(b) The return shall contain such information and be in such form as the commissioner may prescribe and shall state the amount of tax due under § 67-8-603. The return shall be executed under penalty of perjury.
(c) If, after the filing of a duplicate copy of the federal return, the federal authorities shall increase or decrease the amount of the federal generation-skipping transfer tax, then an amended return shall be filed within thirty (30) days of the notice of the increase or decrease by the federal authorities with the department showing all changes made in the original return and the amount of increase or decrease in the federal generation-skipping transfer tax. Any increase in the amount of tax due shall be paid with such amended return, and any decrease may be refunded by the department; provided, that a claim therefor, supported by proper proof, shall be filed with the commissioner within two (2) years from the date of such redetermination of tax by the federal authorities.
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