B. An amount equal to such proportion of such allowable credit as the value of properties taxable by other states bears to the value of the entire federal gross estate wherever situated.

Sec. 33. 36 MRSA §4069, as enacted by PL 1981, c. 451, §7, is amended to read:

§4069. Extension of due date for payment of tax

The State Tax Assessor may extend the time for payment of the tax or any part thereof of the tax for a reasonable period of time not to exceed one year from the date fixed for payment and may grant successive extensions. The aggregate of extensions with respect to any estate may not exceed 10 years , unless a longer period is called for by a payment arrangement elected pursuant to section 4069-A. If an extension is granted, he the assessor may require the taxpayer:

1. Bond. To give a bond to the Treasurer of State in such amount as the State Tax Assessor deems assessor determines necessary; or

2. Other security. To deposit with the Treasurer of State bonds or other negotiable obligations of governmental entities with an aggregate value sufficient to adequately secure payment of the tax.

Sec. 34. 36 MRSA §4069-A is enacted to read:

§4069-A.__Extension of time for payment of estate tax when

estate consists largely of interest in closely held

business

1.__Deferred payment arrangement.__If the Internal Revenue Service has approved a federal estate tax deferral and installment payment arrangement under Section 6166 of the Code, the executor may elect a similar deferred payment arrangement under this section for payment of the tax imposed by this chapter, subject to acceptance by the State Tax Assessor.

2.__Time and manner of election; rejection by State Tax Assessor.__An election under this section may be made by attaching to a timely filed Maine estate tax return, in addition to a copy of the federal estate tax return as required by section 4068, copies of all documentation required by the Internal Revenue Service and submitted in support of the federal payment