Senator Ann Rest Says Senate Fulfills Promise to Pass Tax Measure that Ensures Minnesota Businesses Can Recoup Entire 2023 NOL Tax Deduction 

ST. PAUL, Minn. – Senate Taxes Chair Ann Rest (DFL-New Hope) said the Senate has unanimously passed her measure that will enable businesses to recoup any additional taxes owed due to an inadvertent oversight from last year that impacts businesses claiming the Net Operating Loss (NOL) Deduction on 2023 taxes.

“This legislation makes good on a promise that I and House Tax Committee Chair Aisha Gomez made as soon as the Net Operating Loss drafting error was discovered last May,” said Chair Rest. “When it is signed into law by the Governor, the Department of Revenue will be able to ensure that businesses are able to claim the entire 2023 NOL deduction on their tax returns.”

The measure has also passed the House unanimously and will be sent to the Governor, who is expected to sign it.

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Ann Rest represents District 43, which includes portions of the western suburbs of Hennepin County in the Twin Cities metro area.

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