Minnesota Lawmakers Mull GILTI Tax to Help Close Budget Gap

Minnesota lawmakers appear to be nearing a plan to tax a portion of companies’ foreign income as they work toward closing revenue gaps in their 2024-25 biennial budget.

The tax on global intangible low-taxed income has been a part of each of the last four offers and counter-offers since late last week from House and Senate negotiators, who are trying to agree on a final tax package before the legislative session ends May 22. The GILTI tax would raise an estimated $239.4 million in the two-year 2024-25 period, according to the latest Senate offer.

The House and Senate lawmakers ...