This bill proposes changes to Minnesota's corporate franchise and unitary taxation laws by expanding the unitary group to include foreign corporations. The bill amends multiple sections of the Minnesota Statutes (such as sections 290.01, 290.0132, 290.0134, and 290.17) and repeals certain subdivisions of section 290.21.

Key aspects of the bill include: - Expanding the definition of "net income" for corporate taxation, aligning it with federal taxable income while incorporating modifications specific to Minnesota. - Applying the unitary taxation framework to foreign corporations or entities that are considered part of a unitary group. - Granting the Minnesota Department of Revenue authority to determine how foreign corporations report income, including the use of profit and loss statements, generally accepted accounting principles (GAAP), and U.S. Securities and Exchange Commission (SEC) filings. - Allowing adjustments for currency conversion and translation requirements to ensure proper taxation.

Overall, the bill seeks to broaden Minnesota’s tax base by including foreign corporations in its unitary tax framework.