The New Jersey Business & Industry Association is supporting legislation that will make corporate business tax (CBT) reporting and compliance easier for corporations through technical corrections to CBT law.
In testimony submitted to the Assembly Commerce and Economic Development Committee today, NJBIA Vice President of Government Affairs Christopher Emigholz described bill A-4809 as a “win-win” because it would streamline CBT compliance for businesses, while also assisting the state Division of Taxation with its CBT administration.
“Anecdotally, NJBIA has heard that this bill would potentially reduce the CBT paperwork by thousands of pages,” Emigholz said. “The bill also answers some outstanding questions regarding New Jersey’s combined reporting/unitary changes from 2018.”
Emigholz also noted that this bill would permanently make the state CBT deadline a month after the federal due date, following the Governor’s recently announced Executive Order 189 which does that temporarily.
To read Emigholz’s full written testimony, click here.