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HF 674

as introduced - 87th Legislature (2011 - 2012) Posted on 02/24/2011 10:17am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/24/2011

Current Version - as introduced

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A bill for an act
relating to individual income taxation; increasing the threshold requirement for
payments of estimated tax; amending Minnesota Statutes 2010, section 289A.25,
subdivision 1.

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

Section 1.

Minnesota Statutes 2010, section 289A.25, subdivision 1, is amended to
read:


Subdivision 1.

Requirements to pay.

An individual, trust, or partnership must,
when prescribed in subdivision 3, paragraph (b), make payments of estimated tax. The
term "estimated tax" means the amount the taxpayer estimates is the sum of the taxes
imposed by chapter 290 for the taxable year. If the individual is an infant or incompetent
person, the payments must be made by the individual's guardian. If joint payments on
estimated tax are made but a joint return is not made for the taxable year, the estimated
tax for that year may be treated as the estimated tax of either the husband or the wife or
may be divided between them.

Notwithstanding the provisions of this section, no payments of estimated tax are
required if the estimated tax, as defined in this subdivision, less the credits allowed against
the tax, is less than deleted text begin$500deleted text endnew text begin $1,000new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2010.
new text end