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Minnesota Legislative Change to Corporate NOL Deduction Limitation


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:

  • For tax years beginning after December 13, 2017, and before January 1, 2024, the NOL deduction is limited to 80% of the taxable net income.
  • For tax years beginning after December 13, 2023, the NOL deduction is limited to 70% of taxable net income.


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.

ProConnect Tax 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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