New Jersey Lawmakers Launch Action on Corporate Tax Changes

New Jersey is headed toward a significant overhaul of its corporate business tax under a revenue-neutral package negotiated between lawmakers, business interests, and the state Treasury Department.

The bill, SB 3737, is scheduled for votes Monday in the Senate Budget and Appropriations Committee. It includes language trimming the state’s authority to tax the earnings of foreign subsidiaries of multinational corporations, causing a revenue loss. But the measure also would raise revenue, by changing the method of apportioning taxable income to the state and establishing a new standard for determining when out-of-state businesses have economic presence, or ...