New Jersey Governor Signs Law Amending Corporation Business Tax Provisions

The New Jersey Governor Oct. 4 signed a law amending corporation business tax provisions. The law includes measures: 1) updating the tax base; 2) clarifying that the tax rate pursuant to N.J. Rev. Stat. Section 54:10A-5 applies to taxable net income for privilege periods ending on or after July 31, 2019; 3) providing a deduction to mirror the federal deduction for income derived from certain foreign assets; 4) updating the effective dates of the combined reporting requirements of N.J. Rev. Stat. Section 54:10A-5.41, to commence for privilege periods ending on and after July 31, 2019; and 5) clarifying that gross ...