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New Jersey Pulls Back Maligned Foreign Tax Guidance

Aug. 20, 2019, 10:25 PM

New Jersey withdrew guidance that partially conformed the state’s tax regime to a new part of the federal tax code targeting multinationals that shift their profits offshore.

The Garden State’s Technical Bulletin 85 is obsolete, the state Treasury Department said in a publication released Aug. 20. A new bulletin will be released later this week, the department said in the publication.

  • TB-85, issued in December, would have required multinationals that owe tax in New Jersey to allocate a percentage of their income to the state under a special accounting method. They would have been required to calculate...

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