N.J. Admin. Code § 18:7-5.3

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:7-5.3 - Tax paid to foreign country or United States possession; when deductible from net income

(a) With respect to foreign taxes required to be included in income as dividends received under I.R.C. § 78, no deduction from Federal taxable income is permitted if 100 percent of the dividend received amount is deductible therefrom under N.J.A.C. 18:7-5.2(a) 2i.

1. However, if 100 percent of the foreign tax amount is not deductible from Federal taxable income as dividends received under 18:7-5.2(a) 2i, then the percentage which is taxed may be deducted from Federal taxable income. No other foreign taxes are deductible.

N.J. Admin. Code § 18:7-5.3

Amended by 49 N.J.R. 1694(a), effective 6/19/2017