New Jersey Tax Division Releases Draft Form CBT-100U, Corporation Business Tax Unitary Return, With Instructions

The New Jersey Division of Taxation Sept. 1 released a draft Form CBT-100U, Corporation Business Tax Unitary Return, and instructions, for tax years ending on or after July 31, 2023, through June 30, 2024, for corporate income tax purposes. Taxpayers must include a complete copy of the federal Form 1120 for each member of the combined group. The division provides a one-time exception to prospectively allow a change to the combined group’s filing methods. For privilege periods ending on and after July 31, 2023, New Jersey has adopted the Finnigan method as the allocation method for all combined groups. The ...