This bill amends various sections of the Minnesota Statutes related to corporate franchise and unitary taxation, specifically addressing the treatment of certain foreign corporations as unitary with a shareholder. Key provisions include the introduction of new subdivisions that define "global intangible low-taxed income" and "Subpart F income," both of which are designated as subtractions for tax purposes. Additionally, the bill establishes criteria for treating controlled foreign corporations as domestic corporations under specific conditions, and it allows taxpayer members of a unitary group to elect a worldwide approach to determine their apportioned shares of net business income or loss.

The bill also includes a repeal of a previous statute regarding global intangible low-taxed income, which classified such amounts as dividend income. The effective date for all new provisions is set for taxable years beginning after December 31, 2024. Overall, the bill aims to clarify and update the tax treatment of foreign corporations in Minnesota, ensuring that they are appropriately integrated into the state's tax framework.

Statutes affected:
Introduction: 290.21, 290.0132, 290.0134, 290.17