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Business Taxes New Jersey

Pillsbury - SeeSalt Blog

New Jersey Tax Court Approves Use of Market-Based Sourcing for Years Prior to Legislature’s Adoption of Market-Based Sourcing

The New Jersey Tax Court held that a taxpayer was entitled to a refund of corporation business tax (CBT) for tax years 2011 and 2012 after determining the taxpayer correctly used a market-based sourcing methodology to source...more

McDermott Will & Emery

Governor Murphy Saddles Taxpayers With the Nation’s Highest Corporate Tax Rate

New Jersey Governor Phil Murphy’s proposed flip-flop, which reneges on his promise to allow the state’s 2.5% corporate business tax surtax to expire, has now passed both the New Jersey State Assembly and Senate and been...more

McDermott Will & Emery

New Jersey Governor Flip-Flops on Corporate Business Tax Surtax Expiration

McDermott Will & Emery on

After months of insisting that he would not allow New Jersey’s 2.5% corporate business tax surtax to be extended – and previously having allowed it to lapse for tax years beginning on January 1, 2024 – New Jersey Governor...more

Pillsbury - SeeSalt Blog

Big Things Have Small Beginnings: New Jersey Broadens Definition of Unitary Business

Pillsbury - SeeSalt Blog on

On July 3, 2023, Governor Phil Murphy signed into law A.B. 5323, enacting important revisions to New Jersey’s Corporation Business Tax (CBT) including expanding the definition of what constitutes a “unitary business.”  The...more

Pillsbury - SeeSalt Blog

New Jersey Enacts Significant Changes to Corporation Business Tax Law

On July 3, 2023, New Jersey Governor Phil Murphy signed A.B. 5323 into law to amend New Jersey’s Corporation Business Tax (“CBT”).  The bill enacted a variety of clarifications, corrections, and modifications to the CBT....more

Cozen O'Connor

New Jersey Eliminates S Election as of December 22, 2022

Cozen O'Connor on

New Jersey will automatically treat federal S corporations as New Jersey S corporations, effective for periods beginning on or after December 22, 2022. Historically, the New Jersey Division of Revenue and Enterprise...more

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