HF1649

HF1649 (Legislative Session 94 (2025-2026))

Corporate franchise and unitary taxation; foreign corporations required to be treated as unitary with a shareholder.

AI Generated Summary

This Minnesota House bill (H.F. No. 1649), authored by Representatives Greenman and Gomez, pertains to corporate franchise and unitary taxation. The bill proposes changes to state tax laws by requiring certain foreign corporations to be treated as unitary with a shareholder for taxation purposes.

Key provisions include: - Amending Minnesota tax statutes to include new subdivisions. - Addressing the treatment of Global Intangible Low-Taxed Income (GILTI) under section 951A of the Internal Revenue Code, allowing it to be subtracted from taxable income. - Repealing Minnesota Statutes 2024, section 290.21, subdivision 10.

The bill was read for the first time and referred to the Committee on Taxes for further consideration.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 26, 2025	House	Floor	Action	Introduction and first reading, referred to	Taxes
February 26, 2025	House	Floor	Action	Introduction and first reading, referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill proposes modifications to section 290.21, subdivision 9 dealing with corporate franchise taxation.",
      "modified": []
    },
    "citation": "290.21",
    "subdivision": "subdivision 9"
  },
  {
    "analysis": {
      "added": [],
      "removed": [
        "Entire subdivision repealed."
      ],
      "summary": "This bill includes a repeal of section 290.21, subdivision 10, which previously addressed certain aspects of corporate taxation.",
      "modified": []
    },
    "citation": "290.21",
    "subdivision": "subdivision 10"
  },
  {
    "analysis": {
      "added": [
        "Incorporates the subtraction of global intangible low-taxed income into Minnesota tax law."
      ],
      "removed": [],
      "summary": "References the federal Internal Revenue Code section 951A regarding global intangible low-taxed income.",
      "modified": []
    },
    "citation": "951A",
    "subdivision": ""
  }
]