[ST. PAUL, MN] – Governor Tim Walz today signed a bill into law modifying the effective date of the net operating loss provision that passed in 2023.

Chapter 82, House File 3769 adjusts the timeline of the 2023 tax bill provision that reduced the corporate net operating loss deduction limit. This bill will save Minnesota businesses $14.8 million during the current tax year.

The fix makes these changes effective in tax year 2024 instead of tax year 2023.