N.J. Admin. Code § 18:23-4.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:23-4.4 - Railway tax accruals; definition and method of computing

(a) For the purposes of this chapter, railway tax accruals mean the taxes due for the year which have been assessed by the State of New Jersey and other states, including the taxes due to the United States Federal Government, that have been recorded in the books and records of the taxpayer according to acceptable accounting methods.

(b) Where the taxes due other states or the Federal Government have been accrued in prior years and there has been a change in the amount of such taxes due for such, for the purposes of the New Jersey railroad franchise tax, such change is to be reflected and adjusted in the taxpayer's net railway operating income for the year in which the taxpayer first receives notice of such change.

Amended by 49 N.J.R. 456(b), effective 3/6/2017