Remove business tax Remove New Jersey Remove tax planning Remove tax services
article thumbnail

Major Changes to New York’s SALT Workaround as Part of FY23 Budget Bill

Withum

For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. Now, with the recent New York legislative changes, with careful consideration, the state’s PTET could potentially be more advantageous for certain businesses. PTET Income Tax Addback.

article thumbnail

New Jersey Legislation Implements Major Tax Changes, Including Market-Based Sourcing for Partnerships

Withum

New Jersey Gov. Phil Murphy signed into law A5323 on July 3, 2023, which includes wide-ranging provisions that will considerably impact businesses. This new bright-line test adopts a Wayfair nexus rule, subjecting a corporation to tax if it derives receipts in excess of $100,000 or has more than 200 separate transactions.