General header

The May 2023 Minnesota tax bill provided a change to reduce the corporate net operating loss deduction limit from 80% to 70%. This change is effective for tax years beginning after December 31, 2022.

The effective date for the 70% NOL limitation might change to tax years beginning after December 31, 2023. The legislature provided the commissioner of Revenue with a letter of intent to change the effective date. We will continue to monitor the legislative process and provide updates as information is available.

As a reminder, all C corporations are granted an automatic seven-month extension to file Form M4, Corporation Franchise Tax Return.

If this change impacts your 2023 corporation franchise tax return, follow our tax law updates during the 2024 legislative session. Get the latest news and updates from the Minnesota Department of Revenue by following the department on Facebook [ [link removed] ] and Twitter [ [link removed] ] or by signing up for our email subscription list [ [link removed] ].




Visit our website:
www.revenue.state.mn.us [ [link removed] ]

Logo



STAY CONNECTED: Visit us on Twitter [ [link removed] ] Find us on Facebook [ [link removed] ] Visit us on YouTube [ [link removed] ] Sign up for email updates [ [link removed] ]

SUBSCRIBER SERVICES:
Manage Preferences [ [link removed] ]  |  Help [ [link removed] ]  |  Contact Us [ [link removed] ]

Bookmark and Share [ [link removed] ]



________________________________________________________________________

This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of the: Minnesota Department of Revenue · 600 North Robert Street · Saint Paul, MN 55101 · 651-556-3000 GovDelivery logo [ [link removed] ]