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The Division recently issued a clarification regarding TB-92, after part of the Technical Bulletin led to misinterpretation of the Division’s intent.  While they plan on issuing a revised Technical Bulletin soon, the Division offered clarity on a few points.  The points of clarification issued by the Division can be found below:

  • “First, while FDII has been newly identified under the IRC as a special category of income, the Division recognizes that the income already existed for both Federal and New Jersey tax purposes.  Our intent is that FDII continue to be classified, sourced and apportioned as appropriate under existing NJ statutes and regulations.”
  • “Second, while the Division is not aware of any specific situation that would require GILTI or FDII related amounts to be included in the numerator of the apportionment factor, we are also not certain that no such situations exist; hence the use of the term “if applicable” in the TB.  We welcome input both on this issue and in general as we work cooperatively to draft final regulations that are reasonable and equitable to the business community and the State.”

For more information, please click here.

As always, we are soliciting feedback on the impact that the guidance may have on NJBIA members. To submit any feedback or comments you have, please reach out to me at AMusick@njbia.org.

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