2000 Minnesota Statutes

     297I.40 Estimated tax. 

    Subdivision 1.    Requirement to pay.  On or before 
 April 1, June 1, and December 1 of each year, every taxpayer 
 subject to tax under section 297I.05, subdivisions 1 to 6, and 
 12, paragraphs (a), clauses (1) to (5), (b), and (e), must pay 
 to the commissioner an installment equal to one-third of the 
 insurer's total estimated tax for the current year. 

    Subd. 2.    Amount of required installment.  The amount 
 of any required installment is one-third of the lesser of 

    (1) 80 percent of the tax imposed for the current year, or 

    (2) 100 percent of the tax paid for the previous year. 

    Subd. 3.    No addition to tax where the tax is small.  
 No addition to tax is imposed if the total tax for the current 
 tax year is $500 or less. 

    Subd. 4.    Addition to tax.  (a) In case of any 
 underpayment of installments by an insurer, there is added to, 
 and collected as part of, the tax for the taxable year an amount 
 determined at the rate specified in section 270.75 upon the 
 amount of underpayment. 

    (b) The amount of the underpayment is the excess of:  (1) 
 the amount of the installment; over (2) the amount, if any, of 
 the installment paid on or before the last date prescribed for 
 payment.  

    (c) The period of the underpayment runs from the date the 
 installment was required to be paid to the earlier of:  

    (1) March 1 of the year following the close of the taxable 
 year; or 

    (2) with respect to any portion of the underpayment, the 
 date on which that portion is paid.  For purposes of this 
 clause, a payment of estimated tax on any installment date is 
 considered a payment of any previous underpayment only to the 
 extent the payment exceeds the amount of the installment 
 required to be made on that date. 

    Subd. 5.    Definition of tax.  The term "tax" as used 
 in this section means the tax imposed by section 297I.05, 
 subdivisions 1 to 6, and 12, paragraphs (a), clauses (1) to (5), 
 (b), and (e), without regard to the retaliatory provisions of 
 section 297I.05, subdivision 11, and the offset in section 
 297I.20. 

    Subd. 6.    Failure to pay estimated tax.  When an 
 insurer does not make any payments, the period of the 
 underpayment runs from the three installment dates set forth in 
 subdivision 1 to whichever of the periods in subdivision 4, 
 paragraph (c), is the earlier. 

    Subd. 7.    April estimated payment.  A taxpayer who 
 claims a refund of an overpayment on an original return may 
 elect to have all or any portion of the overpayment applied as a 
 credit to the April 1 estimated tax payment for the year 
 following the year of the return.  The credit is considered 
 applied on April 1.  Notwithstanding section 297I.80, the amount 
 credited does not bear interest. 

    HIST: 2000 c 394 art 1 s 9