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Last Updated: 1/31/2018

Unrelated Business Income Tax (UBIT)

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Unrelated Business Income Tax (UBIT)

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News for Minnesota Unrelated Business Income Tax (UBIT) electronic filers

If you file your Minnesota Unrelated Business Income Tax (UBIT) Return (Form M4NP) and supporting schedules electronically, you now must attach an electronic copy of your federal form and supporting documents. Previously, you mailed the forms to the Department of Revenue.

2017 UBIT form changes

We made changes to the 2017 Unrelated Business Income Tax return (Form M4NP). Some important changes include:

Line 1

  • Now states “Federal taxable income before Minnesota subtractions (from federal Form 990-T, line 34: 1120-C, line 27; 1120-H line 19; 1120-POL, line 19).”
  • Previously, line 1 stated “Federal taxable income before net operating loss and specific deduction (from federal forms 990-T, line 30; 1120-C, line 25a; 1120-H, line 17; 1120-POL, line 17c).”

Line 5

  • Now states “Total deductions from taxable net income (from M4NPI, line 2).”  Before, this information was requested on line 7.
  • Previously, line 5 stated “Minnesota net operating loss deduction (from NOL).”

What do these changes mean for me?

  • Depending on which federal form you file, the line from your federal form takes into account net operating loss, and special or specific deductions.
    • For example, if you file federal Form 990-T, report the amount from line 34 of Form 990-T on your Minnesota Form M4NP line 1 (instead of line 30). Line 34 from Federal Form 990-T is the total amount of unrelated business taxable income after any applicable net operating loss or specific deductions are applied.
  • Unrelated business income taxpayers are no longer required to maintain a separate net operating loss schedules for Minnesota purposes.
  • Minnesota allows net operating losses to be carried back two years and carried forward 20 years for UBIT.
  • Taxpayers may waive the carryback period by filing a separate statement with their federal tax return, declining to use the carryback. This election is permanent, and the taxpayer must file the statement by the due date of the return.

Where can I get more information?

For detailed information on other changes and instructions for completing Minnesota Form M4NP, see Minnesota Unrelated Business Income Tax Instructions.

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