Rutgers Law

New Jersey Statutes, Title: 54A, NEW JERSEY GROSS INCOME TAX ACT

    Chapter 4: Resident credit for tax of another state

      Section: 54A:4-1.1: Resident taxpayer, income, wage tax refund denied, appeal, judgement resulting in refund, credit against tax.

          3. a. For taxable years beginning on and after January 1, 2020 but before January 1, 2024, a resident taxpayer who:

(1) pays any income tax or wage tax imposed for the taxable year by another state of the United States, or political subdivision of such state, or by the District of Columbia;

(2) applies for and is denied a refund from such state or jurisdiction for taxes paid to that state or jurisdiction on income derived from services rendered while the resident taxpayer was within New Jersey;

(3) files an appeal with a tax court or tribunal through which the resident taxpayer formally protests the denial by another state or jurisdiction of the refund requested by the resident taxpayer for taxes paid on income derived from services rendered while the resident taxpayer was within New Jersey; and

(4) obtains a final judgement from the tax court or tribunal resulting in the resident taxpayer being refunded taxes paid to another state or jurisdiction on income derived from services rendered while the resident taxpayer was within New Jersey shall be allowed a credit against the tax otherwise due for the taxable year under the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in amount equal to 50 percent of the amount of taxes that are owed to the State of New Jersey as a result of the readjustment of the credit for tax of another state pursuant to subsection (e) of N.J.S.54A:4-1.

b. If the amount of the credit allowed pursuant to subsection a. of this section exceeds the amount of tax otherwise due, that amount of excess shall be an overpayment for the purposes of N.J.S.54A:9-7; provided however, that subsection (f) of N.J.S.54A:9-7 shall not apply.

L.2023, c.125, s.3.

This section added to the Rutgers Database: 2023-11-27 20:56:37.

Older versions of 54a:4-1.1 (if available):

Court decisions that cite this statute: CLICK HERE.