MN HF3605

Creates section 270C.407 establishing an interest offset provision for taxpayers who overpay taxes in one period and underpay in another period through settlement agreements with the Internal Revenue Service or state commissioner.

Sets the net interest accruing on equivalent overpayment and underpayment amounts to zero when interest is allowable under section 270C.405 on the overpaid amount and interest is payable under section 270C.40 on the underpaid amount.

Takes effect the day following final enactment and applies to interest paid after that date.