The Division recently announced that it will automatically waive the late filing penalty for corporation business taxpayers with a properly extended federal return due date of October 15, 2019, as long as the return is filed by November 15, 2019 for extended calendar year corporations. This is being done as the extended filing date for […]
Taxation & Economic Development
According to The PEW Charitable Trusts, New Jersey’s personal income growth over the past year totaled 1.1%, while the average U.S. worker experienced an increase of 2.0%. In addition, an analysis beginning in Q4 2007 found that New Jersey’s personal income has continuously grown at a slower pace than the national average. Since Q4 2007, […]
The Division recently issued a clarification regarding TB-92, after part of the Technical Bulletin led to misinterpretation of the Division’s intent. While they plan on issuing a revised Technical Bulletin soon, the Division offered clarity on a few points. The points of clarification issued by the Division can be found below: “First, while FDII has […]
An updated report from the PEW Charitable Trusts finds that New Jersey’s tax revenues in Q4 2018 were 4% lower than peak pre-recession totals. New Jersey is one of just 10 states that have yet to recover tax revenues to pre-recessions totals.
According to the U.S. Bureau of Economic Analysis, New Jersey experienced one of the slowest GDP growth rates in the nation from Q4 2018 to Q1 2019. West Virginia and Texas experienced the largest percentage change in GDP.