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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4809, Dated October 21, 2020

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated October 21, 2020, reporting Assembly Bill 4809 favorably with committee amendments. The bill makes corrections and revisions to the corporate tax changes enacted by two 2018 laws, which mandated unitary combined returns on a water's-edge basis absent another election, moved net operating losses from pre-allocation to post-allocation, updated the research and development credit and amended the dividend received exclusion. The amendments revise effective dates, bar penalties or interest on underpayments caused by the bill's retroactivity, and exempt certain transfers of real property from the realty transfer fee.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 4809

with
committee amendments

STATE
OF NEW JERSEY

DATED: OCTOBER
21, 2020

The Assembly Commerce and Economic Development
Committee reports favorably and with committee amendments Assembly Bill No.
4809.

The bill makes numerous corrections and revisions to
clarify and simplify various aspects of the changes that were enacted as part
of P.L.2018, c.48 and P.L.2018, c.131. Those laws, among other things, mandated
mandatory unitary combined returns on a water’s-edge basis if no election for
an affiliated group basis filing or world-wide group basis filing had been
made. The laws also changed the application of the net operating losses from
pre-allocation (called pre-apportionment in other states) to post-allocation
(called post-apportionment in other states), updated the research and
development credit, and amended the dividend received exclusion.

COMMITTEE AMENDMENTS :

The committee amended the bill to:

1) revise the dates on which certain provisions of the
bill will first apply;

2) correct typographical errors;

3)provide that no penalties or interest shall accrue for underpayment of
tax due to the retroactivity of parts of the bill;

4)
provide that certain transfers of real property are not subject to the realty
transfer fee, which was neglected in the introduced version of the bill; and

5)
eliminate a provision from a Corporation Business Tax section of law which as
introduced stated that a combined group shall be treated as one taxpayer for
intercompany transfers for purposes of the realty transfer fee, the controlling
interest transfer tax, and the bulk sales notice requirements; for sake of
clarity, the requirement to treat a combined group as one taxpayer for
intercompany transfers is instead put directly in the provisions of law dealing
with the realty transfer fee, the controlling interest transfer tax, and the
bulk sales notice requirements.

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