Minnesota SF3401 expands unitary group taxation to include foreign corporations.

Minnesota SF3401 amends the state's Revenue Code to expand the definition of unitary business to include foreign corporations. This bill modifies the apportionment of net income for unitary businesses, ensuring that the entire worldwide income of a unitary business is subject to apportionment. It also specifies that foreign corporations or entities must be included in determining net income and apportionment factors. The bill is effective for taxable years beginning after December 31, 2025.

Minnesota SF3401 expands unitary group taxation to include foreign corporations.

Minnesota SF3401 amends the state's Revenue Code to expand the definition of unitary business to include foreign corporations. This bill modifies the apportionment of net income for unitary businesses, ensuring that the entire worldwide income of a unitary business is subject to apportionment. It also specifies that foreign corporations or entities must be included in determining net income and apportionment factors. The bill is effective for taxable years beginning after December 31, 2025.