Subdivision 1. Interest rate.
When interest is required under this section, interest is
computed at the rate specified in section
Subd. 2. Late payment.
If a tax under this chapter is not paid within the time named by law
for payment, the unpaid tax bears interest from the date the tax should have been paid until the
date the tax is paid.
Subd. 3. Extensions.
When an extension of time for payment has been granted, interest must
be paid from the date the payment should have been made, if no extension had been granted,
until the date the tax is paid.
Subd. 4. Additional assessments.
When a taxpayer is liable for additional taxes because of a
redetermination by the commissioner, or for any other reason, the additional taxes bear interest
from the time the tax should have been paid, without regard to an extension allowed, until the
date the tax is paid.
Subd. 5. Erroneous refunds or credits.
In the case of an erroneous refund or credit, interest
begins to accrue from the date the refund or credit was paid unless the erroneous refund or credit
results from a mistake of the department, in which case no interest or penalty is imposed, unless
the deficiency assessment is not satisfied within 60 days of the order.
Subd. 6. Interest on judgments.
, if judgment is entered in
favor of the commissioner with regard to any tax under this chapter, the judgment bears interest at
the rate given in section
from the date the judgment is entered until the date of payment.
Subd. 7. Interest on penalties.
(a) A penalty imposed under section
297G.18, subdivisions 2
, bears interest from the date the return or payment was required to be filed or paid, including
any extensions, to the date of payment of the penalty.
(b) A penalty not included in paragraph (a) bears interest only if it is not paid within ten
days from the date of the notice. In that case interest is imposed from the date of notice to the
date of payment.
Subd. 8. Interest on overpayments.
Interest must be paid on an overpayment refunded or
credited to the taxpayer from the date of payment of the tax until the date the refund is paid
History: 1997 c 179 art 1 s 17; 2005 c 151 art 2 s 17