New Jersey Enacts Income Tax Exemption for Rural Electric Cooperatives

New legislation exempts from New Jersey’s corporation business tax (CBT) liability a cooperative’s income derived from the sales, exchanges, or deliveries of electricity to customers using electricity within its franchise area, provided that the cooperative derives its entire income from electricity sales, exchanges, or deliveries to customers using electricity within its franchise area.

Ch. 297 (S.B. 2180), Laws 2018, effective for accounting or privilege periods commencing after January 16, 2018

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