EY - New Jersey’s sweeping income tax changes

Ernst & Young LLP’s domestic tax webcast

New Jersey’s sweeping income tax changes

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On 1 July 2018, New Jersey Governor Phil Murphy signed into law a number of tax-related measures.

Most notably AB 4202/SB 2746 makes sweeping changes to the state’s Corporation Business Tax (CBT) Act and results in possibly the most significant overhaul of the CBT since its first enactment in 1945. One of the most significant changes is that New Jersey no longer is a separate return state; starting in 2019 New Jersey requires water’s-edge combined reporting.

During this webcast, a panel of Ernst & Young LLP professionals who focus on New Jersey income tax will discuss the recently enacted changes to the state’s CBT, some of which are retroactively effective and impact 2017 returns. They also will talk about recent changes to the state’s gross income tax (GIT) law (i.e., the individual income tax).

In addition to the new combined reporting requirements, panelists will discuss:

  • The overhaul of the state’s net operating loss (NOL) carryforward rules to include a conversion of pre-law NOLs to a new combined reporting regime
  • The temporary corporate surtax
  • Limits on the deductibility of dividends
  • New market-based sourcing rules for sales of services
  • Decoupling the CBT from certain provisions of the federal Tax Cuts and Jobs Act
  • The increased GIT rate on high wage earners
  • New carried interest tax provisions

We hope you will be able to join our series and encourage you to ask questions during this live, interactive webcast.


Panelists


  • Bill Korman, Executive Director, State and Local Tax Services, Ernst & Young LLP, New York, NY
  • Michael Puzyk, Senior Manager, State and Local Tax Services, Ernst & Young LLP, Iselin, NJ

Moderator


  • Scott Roberti, Executive Director, State and Local Tax Services, Ernst & Young LLP, Stamford, CT