Minnesota HF1649 amends corporate tax laws to treat certain foreign corporations as unitary with a shareholder.

Minnesota HF1649 amends the state's corporate tax laws to require certain foreign corporations to be treated as unitary with a shareholder. This bill introduces new provisions for global intangible low-taxed income and subpart F income, affecting shareholders of controlled foreign corporations. It also allows for a worldwide election for unitary groups and modifies the treatment of global intangible low-taxed income. These changes are effective for taxable years beginning after December 31, 2024.

Minnesota HF1649 amends corporate tax laws to treat certain foreign corporations as unitary with a shareholder.

Minnesota HF1649 amends the state's corporate tax laws to require certain foreign corporations to be treated as unitary with a shareholder. This bill introduces new provisions for global intangible low-taxed income and subpart F income, affecting shareholders of controlled foreign corporations. It also allows for a worldwide election for unitary groups and modifies the treatment of global intangible low-taxed income. These changes are effective for taxable years beginning after December 31, 2024.