NJ Tax Dept. Reverses Course On Taxing GILTI Income

Law360 (August 20, 2019, 8:30 PM EDT) -- New Jersey companies won't be required to apportion their global intangible low-taxed income based on the gross domestic products of all the states in which they operate, according to a Tuesday announcement by the state's Division of Taxation.

Global intangible low-taxed income was part of the 2017 Tax Cuts and Jobs Act. (AP) The Division of Taxation made the announcement in a one-paragraph bulletin that revoked the previously released guidance in Technical Bulletin TB-85, saying that additional guidance on how companies should treat the income will be released later this week. New Jersey stood alone in its unique approach to apportioning GILTI...

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