HF 2628

as introduced - 91st Legislature (2019 - 2020) Posted on 03/20/2019 11:24am

A bill for an act
relating to taxation; corporate franchise; modifying due dates for estimated tax
payments; amending Minnesota Statutes 2018, section 289A.26, subdivisions 2,
3.

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

Section 1.

Minnesota Statutes 2018, section 289A.26, subdivision 2, is amended to read:

Subd. 2.

Amount and time for payment of installments.

The estimated tax payment
required under subdivision 1 must be paid in four equal installments on or before the 15th
day of the deleted text begin third deleted text end new text begin fourth new text end , sixth, ninth, and 12th month of the taxable year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with estimated tax payments
required for taxable years beginning after December 31, 2019.
new text end

Sec. 2.

Minnesota Statutes 2018, section 289A.26, subdivision 3, is amended to read:

Subd. 3.

Short taxable year.

(a) A corporation or an entity with a short taxable year of
less than 12 months, but at least four months, must pay estimated tax in equal installments
on or before the 15th day of the deleted text begin third deleted text end new text begin fourth new text end , sixth, ninth, and final month of the short taxable
year, to the extent applicable based on the number of months in the short taxable year.

(b) A corporation or an entity is not required to make estimated tax payments for a short
taxable year unless its tax liability before the first day of the last month of the taxable year
can reasonably be expected to exceed $500.

(c) No payment is required for a short taxable year of less than four months.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with estimated tax payments
required for taxable years beginning after December 31, 2019.
new text end