Minnesota Eyes Other Taxes After Pulling Back From Worldwide Plan

The Minnesota Legislature is examining alternative tax strategies sealing up revenue gaps in its 2024-25 biennial budget after the Senate appeared to suddenly abandon a plan to tax the income of foreign subsidiaries of multinational corporations.

Lawmakers are working with the Department of Revenue to quickly identify options for replacing revenue that would have resulted under mandatory worldwide combined reporting for the calculation of corporate income taxes, according to Sen. Ann Rest (D), chair of the Senate Taxes Committee. The worldwide reporting plan had seemed on track to becoming law, as it was featured in ...