New Jersey Statutes 54A:5-19. Income sourced, Corporation Business Tax Act, New Jersey Gross Income Tax Act, business conducted partly within, without State
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Terms Used In New Jersey Statutes 54A:5-19
- 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
13. a. For the purposes of the “New Jersey Gross Income Tax Act,” N.J.S. 54A:1-1 et seq., for taxable years beginning on and after January 1, 2023, notwithstanding any provision in N.J.S. 54A:1-1 et seq. or the Corporation Business Tax Act (1945), P.L.1945, c.162 (C. 54:10A-1 et seq.) to the contrary, a taxpayer that is subject to the provisions of N.J.S. 54A:1-1 et seq. and engages in a trade or business, regardless of business form, or is a partner in a partnership or shareholder of an S corporation, which trade, business, partnership, or S corporation conducts business operations partly within and partly without this State and, as a result thereof or for other reasons that portion of the income from sources within the State cannot readily or accurately be ascertained, the income from the trade, business, partnership, or S corporation shall be sourced in a manner consistent with the provisions of sections 6 through 10 of the Corporation Business Tax Act (1945), P.L.1945, c.162 (C. 54:10A-6 through C. 54:10A-10). Income that is representative of the taxpayer’s salary, wages, tips, fees, commissions, bonuses, and other remuneration shall be sourced pursuant to the provisions of N.J.S. 54A:1-1 et seq.
b. The director shall promulgate rules and regulations necessary to carry out the provisions of this section.
L.2023, c.96, s.13.