72-16-471. Definitions for lien on deferred tax purposes. As used in 72-16-471 through 72-16-482, the following definitions apply:
     (1) "Deferral period" means the period for which the payment of tax is deferred under 72-16-452.
     (2) "Deferred amount" means the aggregate amount deferred under 72-16-452 determined as of the date prescribed by 72-16-441 for payment without interest of the tax imposed by Title 72, chapter 16, part 3.
     (3) "Lien property" means interests in real and other property to the extent such interests can be expected to survive the deferral period and are designated in the agreement referred to in 72-16-474.
     (4) "Required interest amount" means the aggregate amount of interest that will be payable over the first 4 years of the deferral period with respect to the deferred amount determined as of the date prescribed for payment without interest of the tax imposed by Title 72, chapter 16, part 3.

     History: En. Sec. 28, Ch. 705, L. 1979.