New Jersey Governor Supports Repeal of Throwout and Regular Place of Business Requirement, Extension of Loss Carryovers to 20 Years, & a Switch to Single Sales Factor


In an address to a joint session of the New Jersey Legislature on October 16, 2008, New Jersey?s Governor Jon S. Corzine announced his support for the repeal of both the throwout and regular place of business provisions, as well as an extension of the net operating loss carryover period to 20 years and a switch to a single sales factor for apportionment. These initiatives are part of his plan to provide ?statewide long-term economic growth options to coax the state out of the current national economic recession.?[1] Further, although no specific legislation has been proposed, the Governor has expressed his desire to move towards unitary combined reporting.

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