DFL lawmakers want more transparency in corporate taxes

ST. PAUL, Minn. — Some lawmakers at the Capitol say they want to shine a light on big businesses, their bottom lines and what they pay in taxes.

DFL lawmakers say the push is in pursuit of transparency, so Minnesotans know how much big corporations are paying in state taxes and any tax breaks they’re getting too. 

But the IRS says federal tax return data is private — and business groups here say no other state in the country requires similar disclosures.

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The bill would require the state’s revenue department to disclose — after the corporate franchise tax return information of businesses that make $ 250 million in total U.S. sales per year.

If approved, the disclosures would apply to any company that does business in Minnesota — not just if they’re headquartered here. 

 “How can we make the decision about how to structure a tax code that we don’t know how it’s impacting the biggest players on our economy,” Rep. Emma Greenman, DFL-Minneapolis, said. “How can we decide how to spend our general fund revenue through either term spending or tax expenditure spending, if we don’t know who’s benefitting from the tax code we already have.”

When asked how many businesses this law would impact, Greenman said about 4,500. That would include some members of the Minnesota Chamber of Commerce that are Fortune 500 companies. The group opposes the measure saying it makes Minnesota an outlier and questioning if it would even be legal given federal tax rules.

Caroline Cummings

Caroline Cummings is an Emmy-winning reporter with a passion for covering politics, public policy and government. She is thrilled to join the WCCO team.