Title 54, Title 54: TAXATION

54:10A-32. Effective date The provisions of this act shall be effective with respect to the tax payable in the year 1959 and thereafter and, with respect to the tax payable in 1958 and prior years, shall not affect the provisions of, or any obligations heretofore incurred under, …

54:10A-33. Banking corporations; collected business corporation and business personal property taxes; apportionment; certification; payment The taxes collected from banking corporations pursuant to the Corporation Business Tax Act (P.L.1945, c. 162) and the Business Personal Prop…

54:10A-34. Banking corporations; annual franchise tax; deductions for international banking facilities Every banking corporation shall pay an annual franchise tax in the year 1976 and each year thereafter, as provided in the Corporation Business Tax Act, P.L.1945, c. 162 (C. 54:1…

54:10A-34.1 Filing of returns by certain banking corporations. 16. a. For a banking corporation that is a member of a combined group that has a fiscal group privilege period, before the banking corporation is included as a member of the New Jersey combined return, the banking cor…

54:10A-35. Banking corporation tax revenues; distribution to municipalities under L.1966, c. 135; prohibition No part of the taxes paid by banking corporations pursuant to the Corporation Business Tax Act (P.L.1945, c. 162) or the Business Personal Property Tax Act (P.L.1966, c. …

54:10A-36. Banking corporation defined As used in this act, "banking corporation" means a bank as defined in section 1 of The Banking Act of 1948, c. 67, and also means a national bank. L.1975, c. 170, s. 8, eff. Aug. 4, 1975.

54:10A-37. Banking corporations; nonqualification as investment company or regulated investment company No banking corporation may qualify as an investment company or as a regulated investment company under paragraph (f) or paragraph (g) of section 4 of the Corporation Business T…

54:10A-38. Financial business corporations; revenues from taxes, penalties and interest; apportionment to governmental units; certification; payment The aggregate amount of tax, penalty and interest payable by financial business corporations pursuant to this act shall upon paymen…

54:10A-39. Financial business corporations; revenue from taxes; distribution to municipalities; prohibition None of the taxes, penalties and interest collected from financial business corporations pursuant to this act shall be distributable to municipalities pursuant to P.L.1966,…

54:10A-4 Definitions. 4. For the purposes of this act, unless the context requires a different meaning: (a) "Commissioner" or "director" shall mean the Director of the Division of Taxation of the State Department of the Treasury. (b) "Allocation factor" shall mean the proportiona…

54:10A-4.1 TEFA as State tax. 68. Notwithstanding the use of the term assessment, the transitional energy facility assessment tax is a State tax within the meaning of section 164 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.164, pursuant to which a deduction is allow…

54:10A-4.10 Determination, managerial member. 22. a. Determination of Managerial Member. If the combined group has a common parent corporation within the meaning of the Corporation Business Tax Act (1945), P.L.1945, c.162 (C.54:10A-1 et seq.), and that common parent corporation i…

54:10A-4.11 Determination, combined group, world-wide, affiliated group basis. 23. a. The managerial member of a combined group may elect to have the combined group determined on a world-wide basis or an affiliated group basis. If no such election is made, the combined group shal…

54:10A-4.12 Conditions for waiver of penalties, interest. 24. Following the enactment of P.L.2018, c.48 (C.54:10A-5.41 et al.), no penalties or interest shall accrue for underpayment of tax for the provisions of P.L.2018, c.48 (C.54:10A-5.41 et al.) applying retroactively to tax …

54:10A-4.13 Severability. 28. If any material provision within a clause, sentence, paragraph, section, or part of P.L.2018, c.48 (C.54:10A-5.41 et al.) or the application thereof shall be judged invalid by a court of competent jurisdiction, such order or judgment shall be confine…

54:10A-4.14 Regulations. 29. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the director may adopt, immediately, upon filing with the Office of Administrative Law, regulations that the director deems ne…

54:10A-4.16 Corporation, receipts, sources within New Jersey, substantial nexus, Corporation Business Tax Act. 6. a. Notwithstanding the provisions of the Corporation Business Tax Act (1945), P.L.1945, c.162 (C.54:10A-1 et seq.) or any other law, rule, or regulation to the contra…

54:10A-4.17 Taxpayer, depreciation, eligible property expenditures, Corporation Business Tax Act; rules, regulations. 1. a. Notwithstanding paragraph (12) of subsection (k) of section 4 of P.L.1945, c.162 (C.54:10A-4), for purposes of calculating the depreciation deduction allowe…

54:10A-4.2 Attachment of certificate to return for net operating loss carryover. 2. a. Notwithstanding the provisions of paragraph (6) of subsection (k) of section 4 of P.L.1945, c.162 (C.54:10A-4) to the contrary, a taxpayer that has acquired a corporation business tax benefit c…

54:10A-4.3 Carryover of net operating loss for certain taxpayers. 1. a. Notwithstanding the provisions of paragraph (6) of subsection (k) of section 4 of P.L.1945, c.162 (C.54:10A-4) to the contrary, a taxpayer that has for the fiscal or calendar accounting period (referred to he…

54:10A-4.3a Net operating loss deduction not to exceed $1 million for privilege period. 1. a. As used in this section, "net operating loss deduction" means the amount of any deduction taken by a taxpayer for a net operating loss carryover, prior net operating loss conversion carr…

54:10A-4.5 Carryover of net operating loss for privilege period as deduction; exceptions. 27. a. Notwithstanding any provision of subsection (k) of section 4 of P.L.1945, c.162 (C.54:10A-4) or of the federal Internal Revenue Code, including but not limited to 26 U.S.C. s.381 or a…

54:10A-4.6 Determination, entire net income, member, combined group. 18. A taxable member of a combined group shall determine its entire net income from the unitary business as its share of the entire net income of the combined group in accordance with a combined unitary tax retu…

54:10A-4.7 Allocation factor, taxable members, combined group. 19. A taxable member of a combined group shall determine its allocation factor for determining its share of the entire net income of the combined group, as determined pursuant to the provisions of section 18 of P.L.20…

54:10A-4.8 Combined unitary tax return filed by combined group. 20. a. A combined group shall file a combined unitary tax return under this section in the form and manner prescribed by the director. The managerial member of the combined group shall file the combined unitary tax r…

54:10A-4.9 Use of alternative minimum assessment credit. 21. A combined group filing a combined return that has any outstanding alternative minimum assessment credit or credits at the time of the effective date of the repeal of section 7 of P.L.2002, c.40 (C.54:10A-5a) shall be a…

54:10A-40. Financial business corporations; tax; payment During each of the years 1976, 1977, 1978 and 1979, each financial business corporation shall pay as taxes under the provisions of the act to which this act is a supplement, the greater of a sum equal to the amount such fin…

54:10A-5 Franchise tax. 5. The franchise tax to be annually assessed to and paid by each taxpayer shall be the greater of the amount computed pursuant to this section or the alternative minimum assessment computed pursuant to section 7 of P.L.2002, c.40 (C.54:10A-5a); provided ho…

54:10A-5.1. Corporation surtax In addition to the franchise tax paid by each taxpayer under subsection (c) of section 5 of P.L. 1945, c. 162 (C. 54:10A-5), every taxpayer shall be assessed and shall pay a surtax equal to a percentage rate established pursuant to section 2 of this…

54:10A-5.10. Changes affecting tax credit 7. a. If during any tax year, property with respect to which a tax credit has been allowed under this act: (1) is disposed of prior to the end of its recovery period, as determined under section 5 of this act; or (2) ceases to be used in …

54:10A-5.11 Disposal of property; treatment under act. 8. a. (1) Property of a small or mid-size business taxpayer shall not be treated as disposed of under section 7 of this act by reason of a mere change in the form of conducting the business as long as the property is retained…

54:10A-5.12. Maintenance of records 9. a. A taxpayer that claims credit under this act shall maintain sufficient records to establish the following facts for each item of qualified property: (1) its identity; (2) its actual or reasonably determined cost; (3) its straight-line dep…

54:10A-5.13. Entitlement to credit established by taxpayer 10. a. The burden of proof shall be on a taxpayer to establish by clear and convincing evidence that the taxpayer is entitled to the credit allowed pursuant to this act. b. Notwithstanding any provision of this act to the…

54:10A-5.14. Report to Governor, Legislature 11. The Director of the Division of Taxation shall prepare and transmit to the Governor and the Legislature, on or before the second March 1 following the operative date of this section and annually thereafter, a report concerning the …

54:10A-5.15. Provision of quarterly employment reports 12. Notwithstanding the provisions of subsection (g) of R.S.43:21-11 to the contrary, the Commissioner of the Department of Labor shall provide the Director of the Division of Taxation such copies of the quarterly reports fil…

54:10A-5.16. Short title 1. This act shall be known and may be cited as the "Manufacturing Equipment and Employment Investment Tax Credit Act." L.1993,c.171,s.1.

54:10A-5.17 Definitions. 2. For the purposes of this act: "Control," with respect to a corporation, means ownership, directly or indirectly, of stock possessing 50% or more of the total combined voting power of all classes of the stock of the corporation entitled to vote; "contro…

54:10A-5.18 Taxpayer credit. 3. a. A taxpayer shall be allowed a credit against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), in an amount equal to 2% of the investment credit base of qualified equipment placed in service in the tax year, up to a maximum …

54:10A-5.19. Computation of tax credit 4. a. A taxpayer allowed a credit under section 3 of P.L.1993, c.171 (C.54:10A-5.18), with respect to the investment credit base, shall be allowed a credit for the increase in employment by the taxpayer determined by the number of new employ…

54:10A-5.2. Determination of rate The Director of the Division of Taxation, in the Department of the Treasury shall, on or before May 30, 1988 and on or before May 30 annually thereafter, review the most recent annual revenue collections in order to estimate the revenue collectio…

54:10A-5.20. Maintenance of records 5. a. A taxpayer that claims credit under this act shall maintain sufficient records to establish the following facts for each item of qualified equipment: (1) its identity; (2) its actual or reasonably determined cost; (3) its useful depreciat…

54:10A-5.21. Required reports 6. The Director of the Division of Taxation shall prepare and transmit to the Governor, the Legislature, and the State Revenue Forecasting Advisory Commission on or before the September 1 next following the January 1 next following enactment of this …

54:10A-5.22 Election as a New Jersey S corporation. 3. a. (Deleted by amendment P.L.2022, c.133) b. A New Jersey S Corporation and each shareholder shall consent to the following jurisdictional requirements: (1) That this State shall have the right and jurisdiction to tax and col…

54:10A-5.22a Regulatory requirements, granting retroactive election, authorization. 24. The Directors of the Divisions of Revenue and Enterprise Services and Taxation, when determining whether to grant retroactive election of S corporation status, shall liberally construe regulat…

54:10A-5.23 Requirements for New Jersey S corporation. 4. a. Each shareholder of a New Jersey S corporation shall satisfy the requirements of paragraph b. of this section. b. Deliver a consent to the jurisdictional requirements as set forth in section 3 of P.L.1993, c.173 (C.54:1…

54:10A-5.24 Taxpayer credit for certain research activities. 1. a. A taxpayer shall be allowed a credit, subject to the provisions of subsection b. of this section, against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), in an amount equal to (1) 10% of the…