NJ Combined Reporting Update–Bill Continues Through Senate

Combined-reporting legislation continues to make its way through New Jersey's Senate. Taxpayers should closely follow developments concerning this legislation to determine the impact on their companies.

In January, we reported that New Jersey Senators Lesniak (D), Sarlo (D), and Greenstein (D) were introducing combined-reporting legislation. The bill (S 982) included a waters-edge election; however, any foreign member doing business in a jurisdiction determined by the Director to be a "tax haven" had to be included in the combined group. The bill gave the Director significant discretion in determining whether a particular jurisdiction constituted a "tax haven." ( Read our prior coverage.)