Requires combined groups to be determined on world-wide basis under corporation business tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill changes how combined groups are determined for New Jersey’s corporation business tax. Currently, combined groups are determined on a U.S.-wide basis. This bill mandates that combined groups be determined on a worldwide basis, incorporating income from foreign branches and corporations. It also addresses specific rules for foreign members, including adjustments for accounting principles and currency translation, and clarifies how certain expenses and tax credits are treated within combined groups.
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3 on record
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