New Jersey Issues Updated Information on Change to Controlling Interest Transfer Tax

The New Jersey Division of Taxation Feb. 6 issued updated information regarding changes to the controlling interest transfer tax (CITT), as a result of P.L. 2025, c. 69. The information includes: 1) that effective July 10, P.L. 2025 amends the 1 percent tax required on certain transfers of interests in an entity owning Class 4A commercial property for consideration over $1 million, to rates ranging from 1 to 3.5 percent based on the amount of consideration or equalized assessed value of the Class 4A commercial property; 2) that the tax is now legally imposed on the seller instead of the ...