Bill > HF162

This bill requires the Minnesota Department of Revenue to publicly disclose certain corporate franchise tax information for large corporations with $250 million or more in aggregate gross sales or receipts. Specifically, within one month of the third calendar year following a corporation's taxable year, the commissioner must make available on a public website the corporation's corporate franchise tax return, all related tax forms that calculate income and tax apportionment, and the corporation's identity for state tax purposes. The bill importantly excludes the disclosure of federal tax returns or federal tax return information. The new requirement will become effective for information related to calendar years beginning after December 31, 2025. The bill aims to increase transparency by making detailed tax information publicly accessible for large corporations, while still protecting some sensitive federal tax document details. The disclosure applies to individual corporations and unitary businesses (a group of corporations treated as a single entity for tax purposes).

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0162&ssn=0&y=2025