Bill Text: MN SF630 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Estimated income tax payments threshold increase
Sponsorship: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2011-03-09 - Author added Rest [SF630 Detail]
Download: Minnesota-2011-SF630-Introduced.html
1.2relating to individual income taxation; increasing the threshold requirement for
1.3payments of estimated tax; amending Minnesota Statutes 2010, section 289A.25,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 289A.25, subdivision 1, is amended to
1.7read:
1.8 Subdivision 1. Requirements to pay. An individual, trust, or partnership must,
1.9when prescribed in subdivision 3, paragraph (b), make payments of estimated tax. The
1.10term "estimated tax" means the amount the taxpayer estimates is the sum of the taxes
1.11imposed by chapter 290 for the taxable year. If the individual is an infant or incompetent
1.12person, the payments must be made by the individual's guardian. If joint payments on
1.13estimated tax are made but a joint return is not made for the taxable year, the estimated
1.14tax for that year may be treated as the estimated tax of either the husband or the wife or
1.15may be divided between them.
1.16Notwithstanding the provisions of this section, no payments of estimated tax are
1.17required if the estimated tax, as defined in this subdivision, less the credits allowed against
1.18the tax, is less than$500 $1,000.
1.19EFFECTIVE DATE.This section is effective for taxable years beginning after
1.20December 31, 2010.
1.3payments of estimated tax; amending Minnesota Statutes 2010, section 289A.25,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 289A.25, subdivision 1, is amended to
1.7read:
1.8 Subdivision 1. Requirements to pay. An individual, trust, or partnership must,
1.9when prescribed in subdivision 3, paragraph (b), make payments of estimated tax. The
1.10term "estimated tax" means the amount the taxpayer estimates is the sum of the taxes
1.11imposed by chapter 290 for the taxable year. If the individual is an infant or incompetent
1.12person, the payments must be made by the individual's guardian. If joint payments on
1.13estimated tax are made but a joint return is not made for the taxable year, the estimated
1.14tax for that year may be treated as the estimated tax of either the husband or the wife or
1.15may be divided between them.
1.16Notwithstanding the provisions of this section, no payments of estimated tax are
1.17required if the estimated tax, as defined in this subdivision, less the credits allowed against
1.18the tax, is less than
1.19EFFECTIVE DATE.This section is effective for taxable years beginning after
1.20December 31, 2010.
