Minnesota 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:
Minnesota guidance suggests using 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 amendment return to claim the additional NOL deduction.
Lacerte will be updated to reflect the 80% deduction limitation in a future release. This release date is TBD and will most likely be done after the April 15th deadline.
This posting will be updated when a release date has been determined.
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For more Lacerte News and Updates, click here.
You can also subscribe to the "News and Updates" board and get notified of posts via email.
See this help article: Stay informed with account and product changes.
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