MN tax

While the news about companies leaving the state has zeroed in on California, New York and Illinois, Minnesota has quietly set the ground work to join the other states. In 2023 MN passed what was called the Omnibus Bill. While that sounds all grown up and official, experience has shown that what it means is there is something in the bill that they are trying to cover up. The news about the bill covered housing, jobs, environment and public safety but what was not covered were the provisions designed to increase state income tax on multinational corporations. Instead of just taxing the income produced within the state, the new law would tax all of the company’s income both in state and out. United Healthcare which is the largest company in MN based on revenue has announced it is beginning to move some of its corporate employees to Texas and Tennessee. Without much fanfare the company moved 2,000 employees out of the state. This is seen by some business experts as just the beginning. The Minnesota 2023 omnibus tax bill included provisions that increase corporate taxes on large businesses, which includes companies like UnitedHealthcare.