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Corporation Business Tax (CBT) Clean-Up Legislation
Governor Murphy approved A-4495, which makes a number of changes regarding the tax base, as well as date changes as they relate to the CBT and combined reporting. Additionally, the bill provides guidance on global intangible low-taxed income (GILTI) and clarifies the treatment of NJ Economic Development Authority (EDA) tax credits.
In his statement on the bill, Governor Murphy noted that he has instructed both the Department of Treasury and the Division of Taxation to work with individual taxpayers to ensure that the taxpayer’s CBT obligation fairly reflects its liability. Additionally, he added that the administration will continue to evaluate the impact of New Jersey’s tax treatment of GILTI and how it may impact the state’s competitiveness in the region. For a link to the full copy of the Governor’s statement, please click here.
For a copy of NJBIA’s press release in response to the signing of the bill, please click here.
Remote Sellers and Marketplace Facilitators Sales Tax Legislation
The Governor also approved A-4496, which requires marketplace facilitators and certain sellers who do not have a physical presence in the state to collect sales tax on New Jersey sales. The bill sets a threshold of $100,000 in revenue from sales or 200 or more separate transactions into the state, both of which are applicable to the calendar year or prior year.