New Jersey corporate business tax amendments move through …

Jun 16, 2023 · It would establish a new corporation business tax for companies based out of state that derive over $100,000 of their receipts from sales to New Jersey or make more than 200 …

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New Jersey Corporate Business Tax Amendments Move Through …

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Jun 16, 2023 · It would establish a new corporation business tax for companies based out of state that derive over $100,000 of their receipts from sales to New Jersey or make more than 200 …

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Senate Panel Advances Bill To Overhaul NJ’s Corporate Business Tax …

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Jun 13, 2023 · Establishing new nexus standards by determining that an out-of-state business is subject to the corporation business tax if it derives more than $100,000 of its receipts from …

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New Jersey’s Business Tax Surcharge Lapses As Funding Needs Loom

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Jan 3, 2024 · The expiration of the surcharge, which was levied on corporations with $1 million or more in annual profits, means New Jersey no longer boasts the highest corporate tax rate of …

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FAQs about New Jersey corporate business tax amendments move through … Coupon?

What is New Jersey's new corporate business tax law?

On July 3, 2023, New Jersey Gov. Phil Murphy signed Assembly Bill 5323, making sweeping changes to the state’s corporate business tax (CBT) law. ...

What is New Jersey's new corporate business tax bill AB 5669?

Gov. Phil Murphy recently signed into law New Jersey’s fiscal year budget bill A.B. 5669 alongside of A.B. 5323, enacting substantial amendments to the New Jersey Corporate Business Tax (CBT) laws, namely by modifying the Corporate Business Nexus Standards for the state. ...

When is a foreign corporation taxable in New Jersey?

Beginning with tax years ending on and after July 31, 2022, a foreign corporation that is not included in a New Jersey elective worldwide combined group and that files a U.S. income tax return is taxable only on income that is effectively connected with a U.S. trade or business (ECI). ...

Does a corporation have to file a tax return in New Jersey?

The new guidance states that for New Jersey, “Even though a corporation’s activities may be protected by Public Law 86-272, if it is registered or otherwise has nexus in New Jersey, it is subject to the Corporation Business Tax minimum tax and must file a Corporation Business Tax return.” ...

What changes have been made by the New Jersey tax law?

Other changes made by the Legislation include: A partnership that is unitary with a combined group is not required to pay the tax on the distributive share of income belonging to a company with a regular place of business in New Jersey. The numerator and the denominator of the combined group will be computed as if the group was one taxpayer. ...

What does New Jersey's New tax law mean for multinational corporations?

Currently, only 50% of GILTI is excluded. The change is intended to make New Jersey a more taxpayer friendly jurisdiction for multinational corporations and more closely aligns with neighboring states with similar provisions. The bill also eliminates the current 37.5% deduction for the foreign derived intangible income (FDII). ...