Form M4 — Corporation Franchise Tax Return (incl. M4I, M4A, M4T) (2025)

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Mailing Address Check if new address Business Activity Code (from federal)

Minnesota Tax ID Number

Name of Corporation/Designated Filer

2025 M4, Corporation Franchise Tax Return
Do not use staples on anything you submit.
Tax year beginning (MM/DD/YYYY) and ending (MM/DD/YYYY)

# City State ZIP Code

Former Name (if changed since previous year return) Federal Consolidated Common Parent Name (if different) FEIN Check if filing a combined income return Check if reporting Tax Position Disclosure (Enclose Form TPD) Is this your final C corporation return? If yes, indicate if: Check if a member of the group (place an X in the boxes that apply):
Withdrawn Dissolved Merged S corp election is claiming is a Co-op is in Bankruptcy owns a captive

# Public Law insurance

86-272 company
Has a federal examination been finalized? (list years) Report changes to federal income tax within 180 days of final determination.
If there is a change in tax, you must report Is a federal examination now in progress? (list years) it on Form M4X.
You must round amounts
Tax years and expiration date(s) of federal waivers: to nearest whole dollar 1 Minnesota tax liability (from M4T, line 28) … 1 2 Minnesota Nongame Wildlife Fund donation (see instructions, pg. 6) … 2 3 Add lines 1 and 2 … 3 4 Enterprise Zone Credit (attach Enterprise Zone Credit Form) … 4 5 Credit for Historic Structure Rehabilitation (attach credit certificate) … 5 Enter National Park Service (NPS) project number:
6 Credit for Sustainable Aviation Fuel … 6 Enter certificate number from the Department of Agriculture:
7 Minnesota refundable credit for increasing research activities (from RD, line 37) … 7 8 Minnesota backup withholding … 8 9 Amount credited from your 2024 return … 9 10 Total corporate estimated tax payments made for 2025 … 10 11 2025 extension payment … 11 12 Add lines 4 through 11 … 12 13 Tax due. If line 3 is more than line 12, subtract line 12 from line 3 … 13
Continued next page

2025 M4, Page 2

# Name of Corporation/Designated Filer FEIN Minnesota Tax ID

14 Penalty (see instructions, pg. 6 and 7) … 14 15 Interest (see instructions, pg. 7) … 15 16 Additional charge for underpayment of estimated tax (attach Schedule M15C) … 16 17 AMOUNT DUE. If you entered an amount on line 13, add lines 13 through 16 Payment Method: Electronic (see inst., pg. 3), or Check (see inst., pg. 3) … 17 18 Overpayment. If line 12 is more than the sum of lines 3 and 14 through 16, subtract line 3 and 14 through line 16 from line 12. If line 12 is less than the sum of lines 3 and 14 through 16, see instructions, pg. 7 … 18 19 Amount of line 18 to be credited to your 2026 estimated tax … 19 20 REFUND. Subtract line 19 from line 18 … 20 If you have a refund, you must enter your banking information below.
Account Type:
Checking Savings Routing Number Account Number (use an account not associated with any foreign banks)
I declare that this return is correct and complete to the best of my knowledge and belief.
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Authorized Signature Title Date (MM/DD/YYYY) Direct Phone / /

# Signature of Preparer PTIN Date (MM/DD/YYYY) Preparer's Direct Phone

Print name of person to contact within corporation to discuss this return Title Direct Phone
Include a complete copy of your federal return including schedules as filed with the IRS.
If you're paying by check, see instructions, page 3.
I authorize the Minnesota Department of Revenue Mail to: Minnesota Department of Revenue to discuss this tax return with the preparer.

Mail Station 1250
I do not want my paid preparer to file my return 600 N. Robert St. electronically.
St. Paul, MN 55146-1250

2025 M4I, Income Calculation
See instructions beginning on page 8.

# Name of Corporation/Designated Filer FEIN Minnesota Tax ID

You must round amounts to nearest whole dollar 1 a. Federal taxable income before net operating loss deduction and special deductions (from federal Form 1120, line 28, or see inst., pg. 8) … 1a b. Interest expense limitation for combined reports … 1b 2 Additions to income a. Federal deduction taken for taxes based on net income and minimum fee … 2a b. Federal deduction for capital losses (IRC sections 1211 and 1212) … 2b c. Interest income exempt from federal income tax … 2c d. Exempt interest dividends (IRC section 852[b][5]) … 2d e. Losses from mining operations subject to occupation tax … 2e f. Federal deduction for percentage depletion (IRC sections 611-614 and 291) . . . 2f g. Federal bonus depreciation and suspended loss (IRC section 168[k]) … 2g h. Addition due to federal changes not adopted by Minnesota (Schedule M4NC, line 31) … 2h i. This line intentionally left blank … 2i j. This line intentionally left blank … 2j k. This line intentionally left blank … 2k Total additions (add lines 2a through 2k) … 2 3 Total (add lines 1a, 1b, and 2) … 3

2025 M4I, Page 2
See instructions beginning on page 9.

# Name of Corporation/Designated Filer FEIN Minnesota Tax ID

4 Subtractions from income a. Refund of taxes based on net income included in federal taxable income … 4a b. Minnesota deduction for capital losses … 4b c. Certain federal credit expenses (see instructions, pg. 10; attach schedule) … 4c d. Gross-up for foreign taxes deemed paid under IRC section 78 … 4d e. Expenses relating to income taxable by Minnesota, but federally exempt … 4e f. Dividends paid by a bank to the U.S. government on preferred stock … 4f g. Income/gains from mining operations subject to the occupation tax … 4g h. Deduction for cost depletion … 4h i. Subtraction for prior bonus depreciation addback … 4i j. This line intentionally left blank … 4j k. Delayed business interest … 4k l. Deferred foreign income (Section 965) … 4l m. Disallowed section 280E expenses of a licensed cannabis or hemp business . .4m n. Employee Retention Credit subtraction … 4n o. Subtraction due to federal changes not adopted by Minnesota (Schedule M4NC, line 31, as a positive number) … 4o p. This line intentionally left blank … 4p q. This line intentionally left blank … 4q r. This line intentionally left blank … 4r Total subtractions (add lines 4a through 4r) … 4 5 Intercompany eliminations (attach schedule) … 5 6 Add lines 4 and 5 … 6 7 Minnesota net income (subtract line 6 from line 3) … 7 8 Total nonapportionable income (see instructions, pg. 11; attach schedule) … 8 9 Minnesota apportionable income (subtract line 8 from line 7). Enter on Form M4T, line 1 … 9

2025 M4A, Apportionment/Fee Calculation

B1 B2 B3

Single/Designated Filer

Minnesota Tax ID
A
Total in and

# In Minnesota In Minnesota outside Minnesota

1 Average inventory … a1
2 Average tangible property and land owned/used (at original cost) … a2 3 Capitalized rents (gross rents x 8) … a3 4 Total property (add lines 1, 2 and 3) … a4 5 Payroll/officer's compensation … a5 6 MN sales or receipts … a6 7 MN sales of non-filing entities (see instructions pg. 12). . . . . . .a7 8 Sales or receipts (add lines 6 and 7) (Financial institutions: see inst., pg. 14) . 8 a8 9 Minnesota apportionment factor (divide each line 8B amount by line 8A; carry to six decimal places) … a9
Enter amounts on Form M4T, line 2.

MINIMUM FEE CALCULATION (see inst., pg. 13) 10 Adjustments (see inst., pg. 13 and 14; attach schedule) . . . .a10 11 Add lines 4, 5, 8 and 10 … a11 12 Minimum fee (see table below) … a12
Enter amounts on Form M4T, line 16.

# Minimum Fee Table

If the amount Enter this amount on line 11 is: on line 12: less than $1,250,000 … $0 1,250,000 to $2,509,999 … $260 $2,510,000 to $12,539,999 … $750 $2,510 $12,540,000 to $25,069,999 … $5,020 $25,070,000 to $50,139,999 … $50,140,000 or more … $12,540 b1 b2 b3 b4 b5 b6 b7 b8 b9 b10 b11 b12 In Minnesota c1 c2 c3 c4 c5 c6 c7 c8 c9 c10 c11 c12

Text version of this table

							B	B
20	25 M4T,	Tax	Calcula	tion			1	2
							Single/designated filer
				Corp	oratio	n	Name
				FEIN
				Minn	esota	T	ax ID
1	Minnesota appor	tionabl	e income
	(enter amount fr	om M4I,	line 9, in each	column)	. . . . .	. .	. . . a 1	b1	c1
2	Apportionment f	actor (fr	om M4A, line 9	) . . . . . .	. . . . .	. .	. . . a 2	b2	c2
3	Net income appo	rtioned	to Minnesota
	(multiply line 1 b	y line 2)	. . . . . . . . . . . . .	. . . . . . .	. . . . .	. .	. . . a 3	b3	c3
4a	Minnesota nonap	portion	able income
	(see inst., pg. 15;	attach	schedule) . . . . .	. . . . . . .	. . . . .	. .	. . a 4a	b4a	c4a
4b	Minnesota nonun	itary p	artnership inco	me
	(see inst., pg. 15;	attach	schedule) . . . . .	. . . . . . .	. . . . .	. .	. . a 4b	b4b	c4b
5	Taxable net incom	e (add	lines 3, 4a, and	4b). . . .	. . . . .	. .	. . . a 5	b5	c5
6	Net operating los	s deduc	tion (from NOL	) . . . . . .	. . . . .	. .	. . . a6	b6	c6
7	Subtract line 6 fr	om line	5 . . . . . . . . . . .	. . . . . . .	. . . . .	. .	. . . a 7	b7	c7
8	Deduction for div	idends r	eceived (see in	st., pg. 1	5). . . .	. .	. . . a 8	b8	c8
9	Taxable income (	subtract	line 8 from lin	e 7) . . . .	. . . . .	. .	. . . a 9	b9	c9
10	Regular tax (mult	iply line	9 by 0.098;
	if result is zero or	less, le	ave blank) . . . .	. . . . . . .	. . . . .	. .	. . a 10	b10	c10
11	Alternative minim	um tax	(AMT) (from A	MTT, line	10) .	. .	. . a 11	b11	c11
12	Add lines 10 and	11 . . . .	. . . . . . . . . . . . .	. . . . . . .	. . . . .	. .	. . a 12	b12	c12
13	AMT credit (from	AMTT,	line 13). . . . . . .	. . . . . . .	. . . . .	. .	. . a 13	b13	c13
14	Minnesota nonre	fundabl	e credit for inc	reasing
	research activitie	s (from	RD, line 46) . . .	. . . . . . .	. . . . .	. .	. . a 14	b14	c14
15	Subtract lines 13	and 14	from line 12. . .	. . . . . . .	. . . . .	. .	. . a 15	b15	c15
16	Minimum fee (fro	m M4A	, line 12). . . . . .	. . . . . . .	. . . . .	. .	. . a 16	b16	c16
17	Tax liability by co	rporatio	n (add lines 15	and 16)	. . . . .	. .	. . a 17	b17	c17
18	Film Production T	ax Cred	it. . . . . . . . . . . .	. . . . . . .	. . . . .	. .	. . a 18	b18	c18
	Enter the credit c	ertificat	e number: TAX	C
19	Tax Credit for Ow	ners of	Agricultural As	sets (see	inst.).	. .	. .a19	b19	c19
20	Employer Transit	Pass Cr	edit (from ETP,	line 4) . .	. . . . .	. .	. .a20	b20	c20

# Minnesota Tax ID

2025 M4T, Page 2

Minnesota Tax ID
21 State Housing Tax Credit … a21

B1 B2 B3
Single/designated filer b21 c21
Enter the credit certificate number from Minnesota Housing: SHTC -22 Short Line Railroad Infrastructure Modernization Credit . . . a22 Enter certificate number from the certificate you received from the Minnesota Department of Transportation: MN-SLR

23 Credit for Sales of Manufactured Home Parks to Cooperatives … a23 24 Carryover credits from prior years (see instructions) … a24 D — Name of Credit E — Certificate Number d1 e1 d2 e2 d3 e3 25 LIFO Recapture Tax Deferral … a25 26 Add lines 18 through 25 … a26 27 Subtract line 26 from line 17 … a27

b22 c22
c23 b23 c24 b24

G — MNID
F — Unused Credit f1 g1 f2 g2 f3 g3 b25 c25 b26 c26 b27 c27 28 Add all amounts on line 27. This is your MINNESOTA TAX LIABILITY
Enter on Form M4, line 1.