2003 Minnesota Statutes

     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