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Foreign Income
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Minnesota law provides a subtraction, addition, or dividend-received deduction for certain foreign income reported on your federal Corporation Franchise Tax return.
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Minnesota allows a subtraction for:
- Deferred foreign income reported on your federal return. Visit Internal Revenue Code, section 965 for additional Information.
- Tax years beginning after December 31, 2017, and before January 1, 2023, the inclusion of Global Intangible Low-Taxed Income (GILTI) reported on your federal return.
Minnesota requires an addition for special federal deductions for Foreign-derived intangible income and Global Intangible Low-Taxed Income (GILTI). Visit Internal Revenue Code, section 250 for additional information.
For tax years beginning after December 31, 2022, Minnesota law classifies Global Intangible Low-Taxed Income (GILTI) as dividend income.
Dividend income is allowed a dividend-received deduction but can't be included in the sales factor for apportionment calculations. Visit Minnesota Statute 290.191 for additional information.
