Minnesota HF947 amends individual income and corporate franchise taxes by establishing a subtraction for global intangible low-taxed income.

Minnesota HF947 amends the state's tax code to introduce a subtraction for global intangible low-taxed income, which is the amount of such income included in gross income under section 951A of the Internal Revenue Code. It also increases the corporate net operating loss deduction and the dividend received deduction. The bill specifies that the net operating loss deduction cannot exceed 70 percent of taxable net income in a single taxable year. These changes are effective for taxable years beginning after December 31, 2024.

Minnesota HF947 amends individual income and corporate franchise taxes by establishing a subtraction for global intangible low-taxed income.

Minnesota HF947 amends the state's tax code to introduce a subtraction for global intangible low-taxed income, which is the amount of such income included in gross income under section 951A of the Internal Revenue Code. It also increases the corporate net operating loss deduction and the dividend received deduction. The bill specifies that the net operating loss deduction cannot exceed 70 percent of taxable net income in a single taxable year. These changes are effective for taxable years beginning after December 31, 2024.