Income/Franchise:
Minnesota DOR Summarizes New Law Updating Conformity to IRC, Taxing GILTI, and Revising DRD and NOL Amounts
2023 Individual Income and Corporate Franchise Tax Legislative Bulletin, Minn. Dept. of Rev. (6/23). The Minnesota Department of Revenue issued a 2023 legislative summary reflecting several significant changes to Minnesota corporate income/franchise tax and individual income tax laws [see H.F. 1938 (2023), and previously issued Multistate Tax Alert for more details on these law changes], including generally updating Minnesota’s definition of the Internal Revenue Code (IRC) as amended through May 1, 2023; classifying global intangible low-taxed income under IRC section 951A as dividend income; and reducing permitted amounts under Minnesota’s dividends received and net operating loss deductions. Please contact us with any questions.
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