Minnesota HF759 modifies individual income tax and corporate franchise tax refunds, requiring interest on estimated tax payments.

Minnesota HF759 amends the state's tax refund process by modifying individual income tax and corporate franchise tax refunds. The bill requires that refunds include interest calculated on payments of estimated tax. It specifies that interest is calculated from the date the installment payment is made to the earlier of the date the claim for a refund is made or the due date for paying the tax. The interest rate used for these calculations matches the rate used for interest paid to the commissioner.

Minnesota HF759 modifies individual income tax and corporate franchise tax refunds, requiring interest on estimated tax payments.

Minnesota HF759 amends the state's tax refund process by modifying individual income tax and corporate franchise tax refunds. The bill requires that refunds include interest calculated on payments of estimated tax. It specifies that interest is calculated from the date the installment payment is made to the earlier of the date the claim for a refund is made or the due date for paying the tax. The interest rate used for these calculations matches the rate used for interest paid to the commissioner.