Bloomberg Tax
May 8, 2023, 6:53 PM

Minnesota Anti-Tax Haven Bill in Doubt After Key Supporter Bails

Michael J. Bologna
Michael J. Bologna

Minnesota’s plan to tax the income of foreign subsidiaries of multinational corporations is in jeopardy after a key Senate lawmaker withdrew her support for the controversial legislative proposal.

Sen. Ann Rest (D), chair of the Senate Taxes Committee, said she is dropping a plan to shift Minnesota to mandatory worldwide combined reporting for the calculation of corporate income taxes. During a conference committee hearing designed to harmonize omnibus tax bills passed in both the House and the Senate, Rest said Saturday “the worldwide reporting provision no longer has our support.”

Rest’s comment was striking because the combined reporting ...

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