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.

The bill proposes changes to individual income and corporate franchise taxes in Minnesota. It would allow companies to subtract certain types of low-taxed foreign income, increase the amount businesses can deduct for net operating losses, and raise the deduction for dividends received. These changes aim to provide tax relief for businesses operating in a global market.

Supporters of the bill argue that it will encourage economic growth by providing tax relief to Minnesota businesses, making them more competitive on a global scale. They believe that by allowing deductions for low-taxed foreign income and increasing net operating loss deductions, the bill will foster investment and job creation in the state.

Critics of the bill contend that it primarily benefits large corporations while potentially reducing state revenue needed for public services. They argue that the proposed tax breaks could widen income inequality and undermine funding for essential programs, ultimately harming Minnesota's economy in the long run.