Legislation signed into law on April 8, 2024, retroactively changed the effective date to reduce the Net Operating Loss (NOL) deduction limitation. The Corporate NOL deduction limitations are:

• For tax years beginning after December 31, 2017, and before January 1, 2024, the NOL deduction is limited to 80% of taxable net income
• For tax years beginning after December 31, 2023, the NOL deduction is limited to 70% of taxable net income

What do I need to do?

Use the updated 2023 NOL, Net Operating Loss Deduction schedule when preparing your return.

If you have already filed your 2023 return, you may need to file an amended return to claim the additional NOL deduction.

Use our forms search to find forms and schedules.

Get the latest news and updates from the Minnesota Department of Revenue by following the department on Facebook, Instagram, and on X (formerly Twitter) or by signing up for our email subscription list.