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Senate Counsel, Research
and Fiscal Analysis
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G-17 State Capitol
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75 Rev. Dr. Martin Luther King Jr. Blvd.
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St. Paul, MN 55155-1606
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(651) 296-4791
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Fax: (651) 296-7747
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Tom Bottern
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Director
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Senate
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State of Minnesota
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S.F. No. 2479 - Reduction of Foreign Royalty Subtraction
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Author:
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Senator John Marty
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Prepared By:
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Nora B. Pollock, Senate Counsel (651/297-8066)
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Date:
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March 19, 2012
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Section 1 reduces the amount of the subtraction for foreign royalties accrued or received from a foreign operating corporation (FOC) or foreign corporation that is part of the unitary group from the current level of 80 percent to 62 percent, for tax year 2012. For tax year 2013 and thereafter, the subtraction is 39 percent.
Section 2 adds a reference to the new paragraph (c) in section 3, which provides for a subtraction of 62 percent of dividends paid from a FOC for tax year 2012, and 39 percent for tax year 2013.
NBP:dv
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Check on the status of this bill
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Last review or update: 03/19/2012
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