Trade or business income apportionment; foreign sales factors required in apportionment percentage of certain taxpayers.
Introduction and first reading, referred to
Summary
The bill changes Minnesota’s corporate income apportionment formula so that qualified manufacturers must include a foreign‑sales component derived from global intangible low‑taxed income (GILTI). It adds definitions for foreign pro rata sales, foreign sales ratio, and related terms, and clarifies that GILTI amounts are treated as dividend income except for qualified manufacturers. The changes would take effect for tax years beginning after Dec. 31, 2025, but the measure failed to pass.
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