NJBIA Chief Government Affairs Officer Chrissy Buteas recently provided the Council on State Taxation (COST) conference in Washington DC with an update on the current business and tax climate in New Jersey.
Buteas participated in a panel discussion with her colleagues from Northeast states at the 50th annual meeting of COST, a nonprofit trade association consisting of nearly 600 multistate corporations engaged in interstate and international business.
Buteas said NJBIA is working with the Murphy administration and the Legislature to have the state’s treatment of Global Intangible Low Tax Income (GILTI) more in line with other states. New Jersey is an outlier with regard to the taxation of GILTI, as one of only five states that tax 50% or more of GILTI, and the only state out of the 18 states which have 10 or more Fortune 500 company headquarters to include more than 5% of GILTI in their tax base. Most states tax only 5% of GILTI.
To learn more information, please contact Chrissy at firstname.lastname@example.org.