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 subdivisions that define "net income" for foreign corporations and other foreign entities, allowing for the use of profit and loss statements if federal taxable income is not administrable. The bill also introduces provisions for global intangible low-taxed income and subpart F income as subtractions from gross income, effective for taxable years beginning after December 31, 2025.

Additionally, the bill modifies the unitary business principle to include worldwide income and apportionment factors for foreign corporations and entities, ensuring that their income is considered in determining net income for tax purposes. It repeals certain subdivisions related to deductions for controlled foreign corporations and global intangible low-taxed income, which are now addressed under the new provisions. Overall, these changes aim to modernize Minnesota's tax code in alignment with federal regulations and enhance the state's ability to tax multinational corporations effectively.

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