Is NJ’s CBT Now Voluntary?

Last month’s BIS decision by New Jersey’s Tax Court may allow taxpayers to stop paying New Jersey’s corporate net income tax—called the CBT. Under a limited partnership holding company structure, the court held that neither a partnership nor its limited partner is taxable. This guts New Jersey’s statutory “withholding” rules and may make the tax easy to plan around.

Although the case, BIS LP, Inc. v. Director, involved a limited partnership structure, there are broader implications.

On Thursday, November 29, 2012 at Noon EST, Reed Smith lawyers David Gutowski and Kyle Sollie will discuss:

• Strategies for claiming refunds for prior years
• Planning around New Jersey’s CBT going forward
• How BIS may entitle you to increase your NOL carryover
• How BIS helps get non-business treatment for gains
• How BIS may entitle you to apportionment relief
• The potential effect on New Jersey’s aggressive economic-nexus policies
• Whether the Division is likely to appeal and, if so, what it will argue next