New Jersey Passes Corporate Tax Overhaul, Remote Work Bills

New Jersey’s Legislature crammed major work into the final hours of its fiscal year Friday, approving a corporate business tax overhaul, a budget for fiscal year 2024, and new tax rules addressing in-state workers subject to New York state’s income tax.

With little drama the Assembly and the Senate unanimously approved A5323, the first comprehensive adjustment to the New Jersey corporate business tax since 2018, when the state adopted mandatory combined reporting. The measure heads to the desk of Gov. Phil Murphy (D), whose administration helped craft the bill together with lawmakers, business interests, and the state Treasury Department. ...