Minnesota DOR Summarizes New Law Updating Conformity to IRC, Taxing GILTI, and Revising DRD and NOL

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.