Energy Commodity Trader Sues New Jersey Over Business Tax Bill

The New Jersey Division of Taxation should have allowed Euromin Inc. to carry forward over $828,000 in corporation business tax credit because the energy trading company and a partnership it bought aren’t a unitary business, the company alleges.

Euromin “acquired its interest in the Partnership as an operational asset to increase the net gains and earnings from Plaintiff’s business,” the company told the New Jersey Tax Court in a complaint filed July 15. Operational income is allocated to New Jersey, so operational losses may be used to offset operational income, it said.

Houston-based Euromin bought a 99% partnership interest in ...