Multistate Tax Alert: New Jersey
Phases In Single Sales Factor, Modified Sales Factor for Airlines, Gross Income Taxpayers Net/Carry Forward Certain Gains/Losses
On April 28, 2011, New Jersey Governor Chris Christie signed Senate Bill S-2753, which phases in a single sales factor generally applicable for corporate income tax purposes, and creates a modified sales factor (measured by revenue miles) for airlines. Governor Christie also signed Senate Bill S-2754, which permits individual taxpayers to net gains and losses from certain business-related gross income categories and allows those losses to be carried forward for up to 20 years.
In the attached Tax Alert we summarize these law changes.