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Article: New Jersey Attempts An End Run Around P.L. 86-272 While Throwout And Lanco Are Challenged.
- Article from:
- Mondaq Business Briefing
- Article date:
- March 28, 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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New Jersey continues to take aggressive stances against foreign corporations. It asserts that physical presence is not necessary to subject a foreign corporation to income taxation in New Jersey. See Lanco, Inc. v. Director, Division of Taxation, 188 N.J. 380 (2006) (petition for certiorari pending) (holding that Quill's physical presence test does not apply to income taxes under the Commerce Clause). It applies the alternative minimum assessment ("AMA") to foreign corporations that are protected from net income based taxes by federal law P.L. 86-272 only if those corporations do not consent to jurisdiction under New Jersey's regular Corporation Business Tax ("CBT"). It ...
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