1.1 	A bill for an act
1.2 	relating to taxation; providing for an expedited refund for certain overpayments 
1.3 	of estimated tax;amending Minnesota Statutes 2020, section 289A.50, by adding 
1.4 	a subdivision.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2020, section 289A.50, is amended by adding a subdivision 
1.7 	to read:
1.8 		Subd. 1b.Expedited refund allowed. (a) A qualifying corporation may, after the close 
1.9 	of the taxable year and on or before the 15th day of the fourth month after the close of the 
1.10 	taxable year, and before the date the return is filed for the taxable year, file an application 
1.11 	for adjustment of overpayment of estimated tax for the taxable year.
1.12 	(b) For purposes of this section, the following definitions apply:
1.13 	(1) "qualifying corporation" means a corporation subject to the requirements of section 
1.14 	289A.26 whose adjustment equals at least:
1.15 	(i) $500; and
1.16 	(ii) ten percent of the amount estimated on its application as its tax liability for the taxable 
1.17 	year;
1.18 	(2) "tax liability" means the tax imposed under chapter 290 for the taxable year, less any 
1.19 	applicable credits against tax allowed under chapter 290 for the taxable year; and
1.20 	(3) "adjustment" means the amount of estimated tax paid for the taxable year, less the 
1.21 	amount the qualifying corporation estimates as its tax liability for the taxable year.
2.1 	(c) The application must be made in a form and manner prescribed by the commissioner 
2.2 	and must include, at minimum, the following information from the qualifying corporation:
2.3 	(1) the estimated tax paid in the taxable year;
2.4 	(2) the estimated tax liability for the taxable year; and
2.5 	(3) the amount of adjustment.
2.6 	(d) Within 45 days from the date an application for adjustment is received, the 
2.7 	commissioner shall review the application and, upon determination that a qualifying 
2.8 	corporation is eligible for an adjustment, shall refund the amount of the adjustment to the 
2.9 	qualifying corporation.
2.10 	(e) The application for adjustment under this subdivision is not a claim for refund under 
2.11 	subdivision 1.

2.12 	EFFECTIVE DATE. This section is effective for estimated taxes paid for taxable years 
2.13 	beginning after December 31, 2020.