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Yesterday, NJBIA submitted testimony in opposition to S-982, which would require combined reporting in New Jersey. The bill was released with amendments by the Senate Budget & Appropriations Committee by a party line vote of 8-5.
Our three main concerns with the bill are 1) Increased complexity & uncertainty, 2) difficulty in predicting state revenues, and 3) NJ’s numerous safeguards already in place to ensure companies are paying accurate amounts of CBT.
Many members of the Combined Reporting Coalition submitted testimony in opposition as well. The coalition will ensure that the business community is effectively represented as the combined reporting proposal takes shape. If you have not already done so, please let me know if you would like to participate in the coalition.
Thank you very much and please feel free to reach out to me if you have any questions.