New Jersey Tax Division Issues Corporate Business Tax Notice on Federal Renaming of GILTI, FDII

The New Jersey Division of Taxation issued a notice that for tax years beginning after Dec. 31, 2025, the federal “One Big Beautiful Bill Act” (P.L. 119-21) renames Global Intangible Low Tax Income (GILTI) as Net Controlled Foreign Corporation Tested Income (NCTI), and Foreign Derived Intangible Income (FDII) as Foreign-Derived Deduction Eligible Income (FDDEI). The notice states that the treatment of these concepts for New Jersey Corporation Business Tax purposes is unchanged and remains as set forth in published guidance and regulations. The Division reminds taxpayers that when reviewing prior materials, they should keep in mind that any reference to ...