New Jersey Statutes 54:10A-4.7. Allocation factor, taxable members, combined group
Terms Used In New Jersey Statutes 54:10A-4.7
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
a. (Deleted by amendment, P.L.2023, c.96)
b. All business income of a combined group engaged in the transportation of freight by air or ground shall be apportioned to this State by multiplying the income by a fraction, the numerator of which is the ton miles traveled by the combined group’s mobile assets in this State by type of mobile asset and the denominator of which is the total ton miles traveled by the combined group’s mobile assets everywhere. This section applies, if 50 per cent or more of the combined group’s entire net income is derived from the transportation of freight by air or ground.
c. In determining the numerator and denominator of the allocation factors of taxable members, transactions between or among members of the combined group shall be eliminated.
d. The director shall promulgate rules and regulations necessary to carry out the provisions of this section.
e. In computing the numerator and denominator of the allocation factor of the combined group, the combined group, as one taxpayer, shall take into account all unitary receipts of all members of the combined group.
L.2018, c.48, s.19; 2023, c.96, s.3.