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Article: New Jersey Supreme Court Rejects Physical Presence Nexus Standard In "Lanco Inc. V. Director, Div. Of Taxation".
- Article from:
- Mondaq Business Briefing
- Article date:
- January 11, 2007
CopyrightCOPYRIGHT 2007 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Originally October 12, 2006*
In a unanimous decision issued today*, the New Jersey Supreme Court held that New Jersey could impose its Corporation Business Tax ("CBT") on an out-of-state corporation without a physical presence in New Jersey. Lanco, Inc. v. Director, Div. of Taxation, Docket No. A-89-05 (N.J. October 12, 2006). The decision affirms a 2005 New Jersey Superior Court (Appellate Division) decision and represents the first time since Geoffrey, Inc. v. South Carolina Tax Comm'n, 437 S.E. 2d 13 (S.C. 1993) that the highest court in a state has firmly concluded that the Quill physical presence nexus standard does not apply for corporate income tax ...