New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 16A - CONTROLLING INTEREST TRANSFER TAX
Subchapter 1 - CONTROLLING INTEREST TRANSFER TAX
Section 18:16A-1.4 - Filing and recordkeeping

(a) On or before the last day of the month following the month when the sale or transfer of a controlling interest was completed, the purchaser/transferee must file a return (Form CITT-l) with the Director, Division of Taxation. Payment of the tax shall accompany the return. A copy of the return shall be filed as a supporting attachment and accompany the purchaser/transferee's business tax return filed with New Jersey.

(b) The purchaser/transferee shall supply a copy of the CITT-1 to the seller/transferor and a copy of such return shall be filed as a supporting attachment and accompany the seller/transferor's business tax return for the entity filed with New Jersey.

(c) If sale or transfer of a controlling interest in an entity, which owns classified real property occurs, the entity shall keep a record of each transfer of, or connected with, a controlling interest in its stock or in its capital, profits, or beneficial interests as the case may be.

(d) If an exemption from tax is claimed and an exemption box is checked on form CITT-1, Part 6 or Part 7, a properly executed CITT-1E "Statement of Waiver" must be attached to Form CITT-1, and both forms must be filed. The completed CITT-1E documents why no tax is paid. If an exemption is claimed, calculations must nevertheless be shown on Part 6 and/or Part 7 of the CITT-1.

(e) Administration of the controlling interest transfer tax is governed by the provisions of The State Uniform Tax Procedure Law, 54:48-1 et seq.