A 4495 - Increases Corporate Business Tax - New Jersey Key Vote
Bob Auth voted Nay (Passage) on this Legislation.
Timeline
- Executive Signed
- Oct. 4, 2018
- Senate Bill Passed
- Sept. 27, 2018
- House Bill Passed
- Sept. 27, 2018
- Introduced
- Sept. 24, 2018
Related Issues
Stage Details
Title: Increases Corporate Business Tax
Signed by Governor Phil Murphy
Title: Increases Corporate Business Tax
Vote Smart's Synopsis:
Vote to pass a bill that increases the corporate business tax.
Highlights:
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Authorizes that when there is a change in 50 percent or more of the ownership of a corporation because of redemption or sale of stock and the corporation changes the trade or business giving rise to the loss sustained before the changes to be carried over to be deducted from income earned after such changes (Sec. 1).
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Authorizes the director to disallow the carryover when the facts that support the premise that the corporation was acquired under any circumstances for the primary purpose of the use of its net operating loss carryover (Sec. 1)
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Defines “corporation” as any corporation, joint-stock company or association and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by a certificate of interest or ownership or similar written instrument, any other entity classified as a corporation for federal income tax purposes, and any state or federally chartered building loan association or savings and loan association (Sec. 1).
Title: Increases Corporate Business Tax
Vote Smart's Synopsis:
Vote to pass a bill that increases the corporate business tax.
Highlights:
-
Authorizes that when there is a change in 50 percent or more of the ownership of a corporation because of redemption or sale of stock and the corporation changes the trade or business giving rise to the loss sustained before the changes to be carried over to be deducted from income earned after such changes (Sec. 1).
-
Authorizes the director to disallow the carryover when the facts that support the premise that the corporation was acquired under any circumstances for the primary purpose of the use of its net operating loss carryover (Sec. 1)
-
Defines “corporation” as any corporation, joint-stock company or association and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by a certificate of interest or ownership or similar written instrument, any other entity classified as a corporation for federal income tax purposes, and any state or federally chartered building loan association or savings and loan association (Sec. 1).
Title: Increases Corporate Business Tax