<p>New Jersey Tax Court: Company Should Exclude Pennsylvania Taxes When Calculating Taxable Income</p>

New Jersey Tax Court: Company Should Exclude Pennsylvania Taxes When Calculating Taxable Income

The New Jersey Tax Court found a Pennsylvania electric company may exclude Pennsylvania's gross receipts tax or capital stock tax from its entire net income when it calculates New Jersey corporation business tax liability because the Pennsylvania taxes are excise and property taxes not required to be added back to federal taxable income.

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This document was released October 9, 2014.