New Jersey: Economic Nexus for Income Tax Update

The state of New Jersey has enacted a corporation business law to update the corporation business tax nexus standard and update and amend other areas of corporate business law.

Effective for any periods ending on or after July 31, 2023, corporations deriving receipts from sources in New Jersey will now be deemed to have nexus if the corporation meets either of the following criteria:

  • A corporation obtains receipts from sources in the state of New Jersey, resulting in more than $100,000 during the fiscal or calendar year for the corporation.

  • The corporation has 200 or more separate transactions delivered to customers in the state of New Jersey during the fiscal or calendar year for the corporation.

To learn more about updated due dates, calculation methods, and deductions, read more here.

Michael Fleming