Changes made to New Jersey’s Corporation Business Tax

Members of the business community, state tax practitioners and state officials spent the last several months working together on a compromise tax package that overhauls New Jersey’s Corporation Business Tax (CBT). This joint effort culminated in the enactment of SB 3737 / AB 5323 on July 3, 2023. During this webcast, EY Indirect/State and Local Tax practitioners will highlight changes enacted as part of the CBT overhaul, as well as other notable bills enacted this legislative session, such as changes to the New Jersey Business Alternative Income Tax (i.e., the state’s elective pass-through entity tax) and pending legislation (A.4694/S.3128) that, if enacted, would adopt a convenience of the employer rule.

CBT changes to be discussed on this webcast include, but are not limited to:

• Taxation of global intangible low-taxed income (GILTI)
• Treatment of dividends
• Deduction of net operating losses
• Treatment of IRC Section 174 research and experimental expenditures
• Calculation of IRC Section 163(j)
• Repeal of intercompany interest and royalty addback provisions
• Combined reporting changes
• Adoption of economic nexus
• Apportionment of pass-through income

Please join us for this 60-minute, interactive webcast. We welcome and encourage you to ask questions.

Panelists

• Ken Hausser, Indirect, State and Local Tax, Ernst & Young LLP, Iselin, NJ
• Bill Korman, Indirect, State and Local Tax, Ernst & Young LLP, New York, NY
• Michael Puzyk, Indirect, State and Local Tax, Ernst & Young LLP, New York, NY

Moderator

• Scott Roberti, Indirect, State and Local Tax Policy Services Leader, Ernst & Young LLP, Stamford, CT

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax