N.J. Admin. Code § 18:7-2.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:7-2.3 - Federal calendar or fiscal year for reporting

(a) In general, the calendar or fiscal year on the basis of which the taxpayer is required to report for Federal income tax purposes is the calendar or fiscal year on the basis of which it is required to report for purposes of the Corporation Business Tax Act.

(b) Reports based on a 52 to 53-week account year will be accepted where that method of reporting is permissible and used for Federal tax purposes. If that method is used, a fiscal year which begins within seven days from the beginning of any calendar month shall be deemed to have begun on the first day of that calendar month, and any fiscal year which ends within seven days from the end of any calendar month shall be deemed to have ended on the last day of that calendar month.

(c) Subsection (b) above shall be used to determine the applicability of the Business Tax Reform Act, P.L. 2002, c. 40 to a taxpayer having a 52-53 week year beginning on or about January 1, 2002.

N.J. Admin. Code § 18:7-2.3

Amended by 49 N.J.R. 1694(a), effective 6/19/2017