Individual income and corporate franchise taxes; subtraction for global intangible low-taxed income established, corporate net operating loss deduction increased, and dividend received deduction increased.

HF 947 modifies Minnesota's individual and corporate tax codes to provide tax relief for businesses. It creates a subtraction for "global intangible low-taxed income" (GILTI) - foreign profits taxed at low rates under federal law - reducing corporate taxable income. The bill also increases the deduction for corporate net operating losses (allowing businesses to offset more past losses against current profits) and raises the deduction for dividends received from other corporations. These changes directly affect Minnesota corporations, effective for taxable years beginning after December 31, 2024.