New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 7 - CORPORATION BUSINESS TAX ACT
Subchapter 5 - ENTIRE NET INCOME; DEFINITION, COMPONENTS AND RULES FOR COMPUTING
Section 18:7-5.20 - Previously taxed subsidiary dividends received by a taxpayer
Universal Citation: NJ Admin Code 18:7-5.20
Current through Register Vol. 56, No. 6, March 18, 2024
(a) A taxpayer may exclude previously taxed subsidiary dividends from entire net income in a tax year that:
1. The taxpayer receives and includes in entire net income, in the current tax year, dividends from the same subsidiary for which the taxpayer had included, as paid or deemed paid dividends, in entire net income in a previous tax year; and
2. The taxpayer filed, and paid, an amount greater than the minimum tax to New Jersey in that previous tax year.
(b) A taxpayer must be allowed to exclude from entire net income previously taxed subsidiary dividends upon completing and submitting Schedule PT along with their corporation business tax return, as applicable, and providing the Director of the Division of Taxation with adequate documentation of the previously taxed dividend income.
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