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2000 Minnesota Statutes

This is a historical version of this statute section. Also view the most recent published version.

270.75 Interest payable to commissioner.

Subdivision 1. Interest; rate. If any tax payable to the commissioner of revenue or to the department of revenue is not paid within the time specified by law for payment, the unpaid tax shall bear interest beginning February 1, 1982 at the rate of 20 percent per annum from the date such tax should have been paid until the date that the tax was paid, unless otherwise provided by law.

Subd. 2. Extension of time. When an extension of time has been granted by the commissioner, interest shall be paid beginning February 1, 1982 at the rate of 20 percent per annum from the date such payment should have been made, if no extension had been granted, until the date of payment of such tax.

Subd. 3. Penalty. If any penalty payable to the commissioner of revenue shall by law bear interest, such penalty shall bear interest beginning February 1, 1982 at the rate of 20 percent per annum from the date the penalty was assessable until the date that such penalty was paid, unless a different rate of interest is otherwise provided by law.

Subd. 4. Underpayment of estimated tax. There shall be added to the amount of any underpayment of estimated income tax, computed pursuant to chapter 289A, an amount in lieu of interest. The amount in lieu of interest for that taxable year shall be the amount determined in subdivision 5 for January 1 on which begins the taxable year or precedes the beginning of the taxable year. The amount in lieu of interest does not bear interest after the due date of the return for that taxable year.

Subd. 5. Adjustment of rate. The rates of interest or amount in lieu of interest contained in subdivisions 1 to 4 shall be adjusted by the commissioner of revenue not later than October 15 of 1983 and any year thereafter if the adjusted prime rate charged by banks during the six-month period ending on September 30 of that year, rounded to the nearest full percent, is at least a full percentage point more or less than the interest rate which is then in effect. The adjusted rate of interest or amount in lieu of interest shall be equal to the adjusted prime rate charged by banks, rounded to the nearest full percent, and shall become effective on January 1 of the immediately succeeding year except as provided in subdivision 4. For purposes of this subdivision, the term "adjusted prime rate charged by banks" means the average predominant prime rate quoted by commercial banks to large businesses, as determined by the Board of Governors of the Federal Reserve System. The determination of the commissioner pursuant to this subdivision shall not be considered a "rule" and shall not be subject to the Administrative Procedure Act contained in chapter 14.

Subd. 6. Unpaid judgment. Notwithstanding section 549.09, if judgment is entered upon any tax payable to the commissioner of revenue which has not been paid within the time specified by law for payment, the unpaid judgment shall bear interest at the rate specified in this section from the date judgment is entered until the date of payment.

Subd. 7. Repealed, 1Sp1985 c 14 art 13 s 14

Subd. 8. Repealed, 1987 c 268 art 17 s 42

HIST: 1975 c 377 s 7; 1Sp1981 c 1 art 3 s 1; 3Sp1981 c 2 art 3 s 1; 1982 c 523 art 1 s 67,68; art 2 s 27; art 26 s 1; 1983 c 207 s 1; 1985 c 210 art 1 s 7; 1Sp1985 c 13 s 306; 1991 c 291 art 16 s 7

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