Murphy’s Law: What Can Be, Will Be Taxed In New Jersey?


01 Mar 2018
Reprinted with permission.

New Jersey’s new governor, Phil Murphy, supports several new tax bills, including one that would require affiliated businesses to file a combined report if at least one of those businesses has a “nexus” with New Jersey – that is, a connection to the state such as a physical location there or employees who regularly try to sell goods or services there.

Gov. Murphy believes that this “unitary combined reporting” – which, unlike the current law, requires each business that has a nexus with New Jersey to file its own separate corporation business tax return – would prevent multistate corporations from shifting profits from New Jersey to lower-taxed states, thereby raising $290 million in new revenue.

Gov. Murphy also supports what is known as a millionaire’s tax proposal. It would temporarily increase the tax rate on taxable income that exceeds $1 million.

Each of these proposals has its share of critics. Find out why not everyone agrees with the bills Gov. Murphy is backing.

Read the full article.




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