CBT 'Clean-Up' Bill Signed by Governor Murphy
In 2018, legislation was enacted that made major changes to the state’s corporation business tax (CBT) statute. The bill was rushed through at the end of the budget process and contained many items, not of a policy nature, that were unclear, technically wrong or created unnecessary compliance problems.
After passage of the legislation in 2018, legislators and Governor Murphy’s office pledged that they would work with interested parties to make changes to the law to make it more streamlined and easier to comply with.
Earlier this month, clean-up legislation was introduced that was supported by the NJCPA and other business groups. It was quickly passed by the New Jersey Legislature, and Governor Murphy signed it into law on Nov. 4.