Minnesota SF4960 modifies the apportionment formula for trade or business income, introducing foreign sales factors for certain taxpayers.

Minnesota SF4960 amends the apportionment formula for trade or business income, requiring certain taxpayers to include foreign sales factors in their apportionment percentage. This change applies to taxable years beginning after December 31, 2025. The bill modifies the definition of a qualified manufacturer and introduces new terms such as "global intangible low-taxed income" and "qualified controlled foreign corporation." It also adjusts the percentages for sales, property, and payroll factors used in the apportionment formula.

Minnesota SF4960 modifies the apportionment formula for trade or business income, introducing foreign sales factors for certain taxpayers.

Minnesota SF4960 amends the apportionment formula for trade or business income, requiring certain taxpayers to include foreign sales factors in their apportionment percentage. This change applies to taxable years beginning after December 31, 2025. The bill modifies the definition of a qualified manufacturer and introduces new terms such as "global intangible low-taxed income" and "qualified controlled foreign corporation." It also adjusts the percentages for sales, property, and payroll factors used in the apportionment formula.