Subtraction and Addition
Minnesota law provides a subtraction and addition for certain foreign income reported on your federal Corporation Franchise Tax return.
Minnesota allows a subtraction for:
- Deferred foreign income reported on your federal return (See Internal Revenue Code, section 965)
- The inclusion of Global Intangible Low-Taxed Income (GILTI) reported on your federal return
Minnesota required an addition for special federal deductions for:
- Foreign-derived intangible income and GILTI (See I.R.C., section 250)