Minnesota Statutes Various State Taxes and Programs (Ch. 289A-295) § 290.9705. Surety deposits required for construction contracts

Subd. 2. Repealed byLaws 1990, c. 480, art. 1, § 45, eff. Aug. 1, 1990.

Subd. 3. Waiver of withholding. The conditions in subdivision 1 may be waived by the commissioner if (1) the contractor gives the commissioner a cash surety or a bond, secured by an insurance company licensed by Minnesota, conditioned that the contractor will comply with all applicable provisions of this chapter and chapter 297A, or (2) the contractor has done construction work in Minnesota at any time during the three calendar years prior to entering the contract and has fully complied with all the provisions of this chapter and chapter 297A for the three prior years.

Subd. 4. Deposits used as surety for compliance with income and sales tax provisions. The amounts deposited with the commissioner under subdivision 1 are considered a surety to guarantee payment of income, franchise, withholding, and sales and use taxes of the contractor. The commissioner shall retain the money deposited until the commissioner determines the contractor's liability for state income, franchise, sales and use taxes, and taxes withheld undersection 290.92.