Recently, new legislation was introduced that attempts to amend the Corporation Business Tax Act to allow for the taxation of corporate income currently not taxed by New Jersey, by providing for the “throwback” rule. The bill, A-4668 (Singleton, D-7), has been referred to the Assembly Budget Committee. For a copy of the bill, please click here.
While the bill is not in a position to move at this time, as the Legislature is on its annual budget break, I am asking for your input as to the impact this bill may have on your company. Additionally, I would like to know if your company has taken a position on this bill or similar bills in other states. I am looking to measure the impact that this bill has on our membership, as NJBIA monitors this issue moving forward. Any information you provide will remain confidential.
I can be contacted at amusick@njbia.org, and thank you in advance for your comments.
