Emergency-related state tax relief available for taxpayers located in four southwest Michigan Counties impacted by May 2024 storms.
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11. Can a net operating loss (NOL) deduction be claimed on a composite return?
11. Can a net operating loss (NOL) deduction be claimed on a composite return?
Yes, an NOL deduction may be claimed on a Michigan Composite Individual Income Tax Return (Form 807), but only to the extent that it is attributable to the same participants from the loss year and in the same proportions of ownership.