Praxair Reversed: Unlimited Lookback for Lanco Nexus
Publication Date: December 17, 2009
Yesterday, the New Jersey Supreme Court unanimously reversed the Appellate Division's decision in Praxair and concluded that the Division of Taxation has no time limit to assess Corporation Business Tax under an economic nexus theory.1 (The Appellate Division had concluded that the Division could not assert economic nexus against royalty-earning trademark companies for years before 1997.)
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