Attention, New Jersey business tax filers: The NJ Division of Taxation has issued guidance on how the U.S. tax code’s business interest expense limitation should be applied to NJ corporation business tax returns. The Tax Cuts and Jobs Act, starting in 2018 tax years, imposed a limit on business interest deductions, with exceptions for “small business” and electing real estate and farming businesses. Read the technical bulletin and contact us via the form to the right to evaluate the impact of the deduction limit on your tax liability.
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Contact the CG Team with questions via the form to the right or call 732.676.4100.

New Jersey Division of Taxation. April 12, 2019. TB-87 Initial Guidance for Corporation Business Tax Filers and the IRC § 163(j) Limitation.