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New Jersey: New form for reporting dividends, deemed mandatory repatriation dividends

New Jersey: New form for reporting dividends

The New Jersey Division of Taxation released a new form that is intended to simplify the reporting of dividends and deemed mandatory repatriation dividends.

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As noted on Form CBT-DIV 2017 Supplemental [PDF 250 KB], P.L. 2018, c. 48 (signed into law on July 1, 2018) and P.L. 2018, c. 131 (signed into law on October 4, 2018) made changes to the state’s Corporation Business Tax Act. The law “decoupled” New Jersey from the deduction and exemptions permitted under IRC section 965 for tax years beginning on and after January 1, 2017.

Taxpayers affected by changes made to the New Jersey corporation business tax law must calculate and report any taxable dividend amounts by filing Form CBT-DIV 2017 Supplemental. This supplemental form is intended to replace the previously issued Form CBT-DIV 2017. The due date for filing Form CBT-DIV 2017 Supplemental is on or before January 31, 2019, or within 30 days of an extension, whichever is later. 

 

For more information, contact a KPMG State and Local Tax professional:

Jim Venere | +1 973 912 6349 | jvenere@kpmg.com

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