SF 2366

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/07/2021 08:29am

A bill for an act
relating to taxation; providing for an expedited refund for certain overpayments
of estimated tax; amending Minnesota Statutes 2020, section 289A.50, by adding
a subdivision.

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

Section 1.

Minnesota Statutes 2020, section 289A.50, is amended by adding a subdivision
to read:

new text begin Subd. 1b. new text end

new text begin Expedited refund allowed. new text end

new text begin (a) A qualifying corporation may, after the close
of the taxable year and on or before the 15th day of the fourth month after the close of the
taxable year, and before the date the return is filed for the taxable year, file an application
for adjustment of overpayment of estimated tax for the taxable year.
new text end

new text begin (b) For purposes of this section, the following definitions apply:
new text end

new text begin (1) "qualifying corporation" means a corporation subject to the requirements of section
289A.26 whose adjustment equals at least:
new text end

new text begin (i) $500; and
new text end

new text begin (ii) ten percent of the amount estimated on its application as its tax liability for the taxable
year;
new text end

new text begin (2) "tax liability" means the tax imposed under chapter 290 for the taxable year, less any
applicable credits against tax allowed under chapter 290 for the taxable year; and
new text end

new text begin (3) "adjustment" means the amount of estimated tax paid for the taxable year, less the
amount the qualifying corporation estimates as its tax liability for the taxable year.
new text end

new text begin (c) The application must be made in a form and manner prescribed by the commissioner
and must include, at minimum, the following information from the qualifying corporation:
new text end

new text begin (1) the estimated tax paid in the taxable year;
new text end

new text begin (2) the estimated tax liability for the taxable year; and
new text end

new text begin (3) the amount of adjustment.
new text end

new text begin (d) Within 45 days from the date an application for adjustment is received, the
commissioner shall review the application and, upon determination that a qualifying
corporation is eligible for an adjustment, shall refund the amount of the adjustment to the
qualifying corporation.
new text end

new text begin (e) The application for adjustment under this subdivision is not a claim for refund under
subdivision 1.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for estimated taxes paid for taxable years
beginning after December 31, 2020.
new text end