NY Tax L § 976 (2021)
2021 New York Laws TAX - Tax Article 26 - Estate Tax Part 2 - Returns and Payment of Tax 976 - Extensions of Time.

§  976.  Extensions  of  time.  (a)  General.  (1) The commissioner of taxation and finance may  grant  a  reasonable  extension  of  time  for payment of tax (or any installment), or for filing any return, statement or  other  document required pursuant to this article, on such terms and conditions as he may require. Except in the case of  executors  who  are outside  the  United  States,  no  such extension for filing any return, statement or other document shall exceed six months. Except as otherwise provided in this article, no such extension  for  payment  shall  exceed twelve months from the date fixed for payment.  (2) Where there is included in the value of the gross estate the value of  a reversionary or remainder interest in property, the payment of the part of the tax imposed by this article attributable  to  such  interest may,  at  the  election  of  the executor, be postponed until six months after the termination of the precedent  interest  or  interests  in  the property, and the amount the payment of which is so postponed shall then be  payable,  together  with  interest  thereon.  If the commissioner of taxation and finance finds that the payment of the tax within  such  six months   would   result  in  undue  hardship  to  the  estate  and  said commissioner has approved payment in respect of such tax over  a  longer period, he may extend the time for a payment for a reasonable period not in  excess  of  three  years from the expiration of such six months. The postponement of the payment of any  such  amount  shall  be  under  such regulations  as  the commissioner of taxation and finance may prescribe, and shall be upon condition that  the  executor,  or  any  other  person liable  for  the  tax,  shall comply with subsection (c) of this section (relating to furnishing of security).  (3) If the commissioner of taxation and finance finds that the payment on the due date of any part of the amount of the  tax  imposed  by  this article  would result in undue hardship to the estate, he may extend the time for payment for such period as he may deem reasonable, but  not  to exceed  four years from the date of death, and may require payment to be made in annual installments.  (b) Whenever the commissioner extends the time for the payment of  tax under  this section, that portion of the tax as to which an extension is granted shall bear interest from the date the  tax  is  required  to  be paid, to the date of payment without regard to any extension of time for the  payment  of the tax or filing of the return, at the rate prescribed in subsection (a) of section six hundred eighty-four of this chapter.  (c) Furnishing of security. If any extension of time  is  granted  for payment  of  any amount of tax, the commissioner of taxation and finance may require the taxpayer to furnish a bond issued by  a  surety  company approved  by the superintendent of financial services as to solvency and responsibility and authorized to transact  business  in  this  state  or other  security  acceptable  to  such  commissioner  in  an  amount  not exceeding twice the amount for which the extension of time  for  payment is  granted,  on  such  terms  and  conditions  as such commissioner may require.  (d) Cross reference. For extensions of time for payment of estate  tax where an estate consists largely of interest in closely held businesses, see section nine hundred ninety-seven of this article.  (e)  If  the  decedent  has  a  cause of action pending at the time of death, or a cause of action arises which is related  to  the  decedent's death, and any recovery under the cause of action is to be taxable under this  article,  the  commissioner  shall  waive any penalty and interest associated with such cause of action which accrues from  the  date  that the  return disclosing such cause of action is filed, provided that such penalty and interest may not be waived for periods beyond one year after the date of final judgment or settlement of the cause of action.