SF 2199

as introduced - 91st Legislature (2019 - 2020) Posted on 03/08/2019 09:05am

A bill for an act
relating to taxation; income; modifying certain underpayment penalties.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Sec. 1. new text begin SPECIAL WAIVER OF INCOME TAX PENALTIES FOR TAX YEARS
2018 AND 2019.
new text end

new text begin (a) For taxable years beginning after December 31, 2017, and before January 1, 2020,
no addition to tax is imposed under Minnesota Statutes, section 289A.25, subdivision 2, if
the tax shown on the return for the taxable year or, if no return is filed the tax, reduced by
the credits allowable is less than $1,000. This paragraph applies only to taxpayers who
submit a request for a waiver of addition to tax due under Minnesota Statutes, section
289A.25, subdivision 2. The request for waiver must attest that the underpayment of estimated
tax for the taxable year is due to uncertainties in tax planning resulting from the enactment
of Public Law 115-97. The request for waiver must be in a form and manner prescribed by
the commissioner of revenue.
new text end

new text begin (b) In the case of taxpayers who do not timely submit a request for a waiver under
paragraph (a), the provisions of Minnesota Statutes, section 289A.25, subdivision 4, apply
for taxable years beginning after December 31, 2017, and before January 1, 2020.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end