New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 7 - CORPORATION BUSINESS TAX ACT
Subchapter 2 - NATURE OF TAX
Section 18:7-2.1 - Nature of tax; in general

Universal Citation: NJ Admin Code 18:7-2.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The Corporation Business Tax Act imposes a franchise tax on every domestic corporation not otherwise exempt, and upon every foreign corporation not otherwise exempt, falling within any of the taxable categories and as also enumerated at N.J.A.C. 18:7-1.6.

(b) All corporations incorporated in New Jersey and all foreign corporations acquiring a taxable status in New Jersey immediately become subject to the tax.

(c) A combined group shall immediately become subject to the tax if one member of the group is either incorporated in New Jersey or acquires taxable status in New Jersey. For the purposes of the Corporation Business Tax Act, a combined group is a taxpayer pursuant to N.J.S.A. 54:10A-4(h). For more information on combined groups and combined reporting, see N.J.A.C. 18:7-21.

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