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ARTICLE · 01 FEBRUARY 2016

NJ Senators Hold Press Conference On Combined Reporting

Reed Smith
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New Jersey Senators Lesniak (D), Greenstein (D), and Sarlo (D) held a press conference today concerning combined-reporting legislation that they are sponsoring.

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David Gutowski
David Gutowski
Kyle Sollie
Kyle Sollie
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New Jersey Senators Lesniak (D), Greenstein (D), and Sarlo (D) held a press conference today concerning combined-reporting legislation that they are sponsoring.

Under current law, New Jersey's corporation business tax is computed on a separate-company basis. The proposed legislation (S-61) would change this by requiring taxpayers to file combined returns. The combined group would include all entities with common ownership that are engaged in a unitary business. For this purpose, common ownership means that 50%-or-more of the voting control is directly or indirectly owned by a common owner (whether or not that owner is a member of the combined group). The proposed legislation does not address whether a corporation would have to file as part of two different combined returns if it has two independent owners and each owner has 50% voting control.

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