A 5039
Requires combined groups to be determined on world-wide basis under corporation business tax.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes how New Jersey calculates corporate taxes for businesses operating as part of a ‘combined group.’ Currently, combined groups are determined on a worldwide basis. This bill mandates that combined groups be determined on a worldwide basis under the state’s corporation business tax, ensuring that income from all parts of the group is considered when calculating taxes. It also modifies existing rules regarding how foreign income is treated and how net operating losses are handled within these groups, particularly for partnerships and limited partners.
Sponsors
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Primary sponsors
Michael Venezia
Cosponsors
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