... Attorney General of New Jersey, attorney). DOUGHERTY, J.T.C. N.J.S.A. 54A:6-14.1 is interpreted by the Division of Taxation to require shareholders ... has failed to constitute a “qualified investment fund.” N.J.S.A. 54A:6-14.1. New Jersey taxpayers owning shares in the Fund have been ... The Issue Plaintiffs seek a declaratory judgment that taxation, under N.J.S.A. 54A:6-14.1 and N.J.S.A. 54A:5-1, of income ... of the United States Constitution. The statutes, as pertinent, are: N.J.S.A. 54A:6-14.1: Gross income shall not include distributions paid by a qualified ... accept a lower interest rate than might otherwise be available. N.J.S.A. 54A:6-14.1 and N.J.S.A. 54A:5-1, together imposing ... criteria. He contends that the "non-qualified" fund classification under N.J.S.A. 54A:6-14.1 applies equally to the interest from Municipal, State and ...