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Net Operating Losses
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A net operating loss (NOL) occurs when a taxpayer has allowable deductions that exceed taxable income for a given tax year. This negative taxable income may be applied or carried over to reduce tax liability in other years.
Under Minnesota law, the NOL deduction is limited to 80% of the corporation's taxable income. Minnesota law does not distinguish between NOL carryovers generated before or after the law change.
For more information, see Minnesota Statute 290.095 and Schedule NOL.