On June 30, Governor Phil Murphy signed Bill A5804 into law, amending N.J.S.A. § 46:15-7.2-7.4; N.J.S.A. § 54:15C-1, and introducing significant changes to New Jersey’s realty transfer tax structure. These changes — effective...more
The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more
On July 21, 2023, New Jersey Governor Phil Murphy signed into law retaliatory tax legislation aimed directly at its neighbor, New York. Assembly Bill No. 4694. The rule in the majority of states, including the rule in New...more
Last week, Governor Murphy of New Jersey staked out a position on New York City’s congestion pricing proposal, stating that it “can’t be ‘on the backs of New Jersey commuters.’” “Whether it’s how we’re taxed by our...more
Horticultural, retail, biotech, pharma, and other companies located in the diverse cannabis industry have long anticipated and increasingly prepared for adult-use legalization in the State of New Jersey. Two formal moves have...more
The New Jersey Division of Taxation issued a notice on November 5th solving the “trapped dividend exclusion” issue faced by many taxpayers as they prepared to file their first New Jersey combined Corporate Business Tax (CBT)...more
New Jersey Governor Phil Murphy announced recently that the filing deadline for New Jersey state income tax returns has been extended from April 15, 2020 to July 15, 2020, matching the extension provided by the IRS. ...more
Earlier this week, New Jersey Governor Philip Murphy announced his proposed budget for fiscal year 2021. Buried in the dense text of the 94-page document (at page 37) were several tax enforcement provisions of note....more
On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act” (the Workaround Act). The Workaround Act establishes an elective entity level tax on an individual’s...more
It was no secret that Governor Murphy ran on a platform heralding an aggressive spending plan of $37.4 billion to fund a lengthy list of entitlements such as hospital and prescription aid, opioid addiction treatment, free...more