Minnesota Lawmakers Advance Strategy to Tax Global Companies

Minnesota lawmakers have apparently settled on a revenue strategy for the 2024-25 biennial budget that sends significant tax relief to individual taxpayers. However, it also generates new revenue through a new levy on the earnings of foreign subsidiaries of multinational corporations.

After several days of negotiation, a legislative conference committee unveiled a framework for an omnibus tax bill late Wednesday. The compromise legislation under HF 1938 harmonizes differences in separate revenue measures passed by the House and the Senate earlier this month. On the tax relief side of the ledger, the final package includes one-time refundable tax credits, a more ...