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Terms Used In New Jersey Statutes 52:27D-499

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
10. a. If a partnership, an S corporation, or a limited liability company qualifies for the credit, it shall provide a copy of the certificate to the taxpayers of the entity.

b. A taxpayer shall attach a copy of the certificate to any return upon which a credit is claimed under this section.

c. Any credit taken in this section may be subject to audit by the department or the State Treasurer.

L.2001,c.415,s.10.