This bill amends various sections of the Minnesota Statutes related to corporate franchise and unitary taxation, specifically expanding the definition of a unitary group to include foreign corporations. Key changes include the addition of new provisions that define "net income" for foreign corporations and other foreign entities that are part of a unitary business, allowing the use of profit and loss statements for income determination if federal taxable income is not administrable. Additionally, the bill introduces new subdivisions that allow for subtractions related to global intangible low-taxed income and subpart F income, which are included in gross income under specific sections of the Internal Revenue Code.

Furthermore, the bill repeals certain subdivisions related to deductions allowed to corporations, specifically those concerning controlled foreign corporations and global intangible low-taxed income, which are now treated differently under the new provisions. The effective date for these changes is set for taxable years beginning after December 31, 2025. Overall, the bill aims to modernize and clarify the taxation framework for corporations operating in Minnesota, particularly those with international operations.

Statutes affected:
Introduction: 290.01, 290.0132, 290.0134, 290.17, 290.21