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SF2780 (Legislative Session 94 (2025-2026))

Department of Revenue making available certain corporate franchise tax information requirement provision

Related bill: HF162

AI Generated Summary

Purpose of the Bill

The bill aims to improve transparency in Minnesota's corporate franchise tax system by mandating the public disclosure of specific tax information for large corporations.

Main Provisions

  • Disclosure Requirements: The bill requires the Minnesota Department of Revenue to publish certain corporate tax information online. This includes the corporate franchise tax returns, tax forms related to income calculation, apportionment of income, and the corporation's identity for state tax purposes.

  • Scope of Application: The disclosure applies to corporations that are required to file under section 289A.08, subdivision 3, with aggregate gross sales or receipts amounting to $250 million or more in a taxable year. This also includes companies that are part of a unitary business as defined by section 290.17, subdivision 4.

  • Exclusions: The bill explicitly prohibits the commissioner from disclosing any federal tax return or information.

Significant Changes to Existing Law

  • The bill introduces a new requirement for the Department of Revenue to publicly disclose specific state-level corporate tax information for large corporations, which was not previously mandated.

Relevant Terms

corporate franchise tax, Department of Revenue, tax transparency, tax disclosure, gross sales, unitary business, taxable year, income apportionment

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 19, 2025SenateFloorActionIntroduction and first reading
March 19, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Mandates the specific tax return to be used for disclosure."
      ],
      "removed": [
        "None"
      ],
      "summary": "This bill requires corporate franchise tax return information to be disclosed, referring to section 289A.18.",
      "modified": [
        "Clarification of disclosure requirements timelines."
      ]
    },
    "citation": "289A.18"
  },
  {
    "analysis": {
      "added": [
        "Defines corporation size threshold for disclosure based on section 289A.08."
      ],
      "removed": [
        "None"
      ],
      "summary": "This bill modifies tax disclosure regulations for corporations filing under section 289A.08.",
      "modified": [
        "Specification of applicable corporations based on aggregate gross sales or receipts."
      ]
    },
    "citation": "289A.08"
  },
  {
    "analysis": {
      "added": [
        "Includes unitary business considerations under section 290.17."
      ],
      "removed": [
        "None"
      ],
      "summary": "This bill impacts corporations defined under section 290.17 for tax purposes.",
      "modified": [
        "Clarifies tax applicability for unitary businesses."
      ]
    },
    "citation": "290.17"
  }
]

Sponsors