S.F. No. 1062 Summary

• Eliminates accelerated June payment requirements for cigarette distributors, tobacco product distributors, and liquor taxpayers with annual liabilities of $250,000 or more.

• Returns May and June tax liability payments to standard monthly schedule with all returns and remittances due by the 18th day of each month.

• Removes penalty provisions that previously applied when estimated June payments were submitted two business days before June 30th.

• Repeals Minnesota Statutes 297F.09, subdivision 10 and 297G.09, subdivision 9, which contained the accelerated payment requirements.

• Effective for June 2023 tax liabilities and all subsequent tax periods.