Minnesota DOR Issues Final Draft of 2023 Unrelated Business Income Tax Instructions

The Minnesota Department of Revenue (DOR) Oct. 31 issued a final draft of 2023 Unrelated Business Income Tax (UBIT) instructions for corporate income tax purposes. The DOR provides line-by-line instructions for Forms M4NP, M4NPI, and M4NPA. The DOR further provides information on: 1) the limitation on the net operating loss deduction and federal nonconformity adjustments; 2) the filing requirements for tax returns, due dates and extensions, types of payments for UBIT, amending a return for 2017 or later, and the accounting period; and 3) apportionment for businesses and financial institutions. [Minn. Dep’t of Revenue, Final Draft 2023 Unrelated Business Income ...