Minnesota Statutes Excise and Sales Taxes (Ch. 296-299) § 297I.40. Estimated tax

Subdivision 1. Requirement to pay. On or before March 15, June 15, September 15, and December 15 of the current year, every taxpayer subject to tax undersection 297I.05, subdivisions 1to5, and12, paragraph (a), clauses (1) to (4), and 14, must pay to the commissioner an installment equal to one-fourth of the insurer's total estimated tax for the current year.

Subd. 2. Amount of required installment. The amount of any required installment is one-fourth of the lesser of

Subd. 3. No addition to tax where tax is small. No addition to tax is imposed if the total tax for the current tax year is $500 or less.

Subd. 5. Definition of tax. The term “tax” as used in this section means the tax imposed bysection 297I.05, subdivisions 1to5,11, and12, paragraphs (a), clauses (1) to (4), (b), and (d), and 14, less any offset insection 297I.20.

Subd. 6. Failure to pay estimated tax. When an insurer does not make any payments, the period of the underpayment runs from the three installment dates set forth in subdivision 1 to whichever of the periods in subdivision 4, paragraph (c), is the earlier.

Subd. 7. March estimated payment. A taxpayer who claims a refund of an overpayment on an original return may elect to have all or any portion of the overpayment applied as a credit to the March 15 estimated tax payment for the year following the year of the return. The credit is considered applied on March 15. Notwithstandingsection 297I.80, the amount credited does not bear interest.