HF162

HF162 (Legislative Session 94 (2025-2026))

Department of Revenue required to make certain corporate franchise tax information available on a website.

Related bill: SF2780

AI Generated Summary

This legislative bill from the State of Minnesota requires the Department of Revenue to publicly disclose certain corporate franchise tax information on a website. The disclosure includes a corporation's corporate franchise tax return, all related tax forms used for income apportionment and tax calculation, and the corporation's identity for state tax purposes. However, it does not allow the disclosure of federal tax returns or information. This requirement applies only to corporations that have $250,000,000 or more in gross sales or receipts for the tax year. The information must be made available within one month from the first day of the third calendar year after the tax year ends. The bill ensures that complying with this requirement does not violate other laws related to privacy or confidentiality.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 09, 2025	House	Floor	Action	Introduction and first reading, referred to	Taxes
February 12, 2025	House	Floor	Action	Authors added

Citations

[
  {
    "analysis": {
      "added": [
        "Requires additional corporate information to be made available online."
      ],
      "removed": [],
      "summary": "Section 289A.18 deals with corporate tax return filing obligations.",
      "modified": [
        "Clarifies which corporate information must be disclosed publicly."
      ]
    },
    "citation": "289A.18"
  },
  {
    "analysis": {
      "added": [
        "Implements a threshold limit for disclosure based on gross sales or receipts."
      ],
      "removed": [],
      "summary": "Section 289A.08 requires corporations to file tax returns.",
      "modified": [
        "Specifies conditions under which corporation's tax return information may be disclosed."
      ]
    },
    "citation": "289A.08"
  },
  {
    "analysis": {
      "added": [
        "Includes rules for unitary business calculations with specific gross sales thresholds."
      ],
      "removed": [],
      "summary": "Section 290.17 pertains to business apportionment calculations.",
      "modified": [
        "Defines applicability of section based on business structure and sales."
      ]
    },
    "citation": "290.17"
  }
]