HF 3050

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxes; sales and use tax; eliminating the 
  1.3             penalty and modifying interest due on underpayment of 
  1.4             the accelerated June sales tax liability; amending 
  1.5             Minnesota Statutes 1998, section 289A.55, by adding a 
  1.6             subdivision; repealing Minnesota Statutes 1998, 
  1.7             section 289A.60, subdivision 15. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1998, section 289A.55, is 
  1.10  amended by adding a subdivision to read: 
  1.11     Subd. 10.  [INTEREST ON UNDERPAYMENT OF ACCELERATED 
  1.12  PAYMENTS OF JUNE SALES TAX LIABILITIES.] If a vendor is required 
  1.13  to remit payment of 75 percent of estimated June sales tax 
  1.14  liabilities under section 289A.20, subdivision 4, paragraph (b), 
  1.15  and the amount remitted is less than the amount due, the unpaid 
  1.16  tax bears interest from the date the payment was due until the 
  1.17  date the tax is paid unless the following conditions are met.  
  1.18  Interest may not be assessed on the underpayment if: 
  1.19     (1) the entire June payment is remitted by August 14 of 
  1.20  that year; and 
  1.21     (2) the amount of estimated June sales tax liabilities 
  1.22  remitted in June equals the lesser of 75 percent of the 
  1.23  preceding May's liability, 75 percent of the June liability in 
  1.24  the previous year, or 75 percent of the average monthly 
  1.25  liability for the previous calendar year. 
  1.26     Sec. 2.  [REPEALER.] 
  2.1      Minnesota Statutes 1998, section 289A.60, subdivision 15, 
  2.2   is repealed. 
  2.3      Sec. 3.  [EFFECTIVE DATE.] 
  2.4      Sections 1 and 2 are effective beginning with returns filed 
  2.5   and payments made after June 1, 2000.