Minnesota HF1480 amends corporate franchise and unitary taxation laws to include foreign corporations in unitary groups.

Minnesota HF1480 modifies the definition of a unitary business to include foreign corporations, expanding the scope of entities subject to unitary taxation. It amends Minnesota Statutes to redefine net income for unitary businesses, incorporating federal taxable income for corporations and other entities. The bill also adjusts the apportionment of net income among entities within a unitary business and modifies the treatment of global intangible low-taxed income.

Minnesota HF1480 amends corporate franchise and unitary taxation laws to include foreign corporations in unitary groups.

Minnesota HF1480 modifies the definition of a unitary business to include foreign corporations, expanding the scope of entities subject to unitary taxation. It amends Minnesota Statutes to redefine net income for unitary businesses, incorporating federal taxable income for corporations and other entities. The bill also adjusts the apportionment of net income among entities within a unitary business and modifies the treatment of global intangible low-taxed income.