A New Jersey Supreme Court decision handed down last week will let state authorities collect income taxes from out-of-state companies who do retail business there through licensees. The justices held that a U.S. Supreme Court ruling, exempting a company from collecting sales tax in a state where it has no physical presence, should not be extended to income tax. The ruling means that some 170 companies will be subject to $190 million in tax liability, says a state Division of Taxation spokesperson.
October 18, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A state Supreme Court decision handed down last Thursday will let New Jersey authorities collect income taxes from out-of-state companies who do retail business here through licensees.
The justices, in Lanco Inc. v. Director, Division of Taxation , held that a U.S. Supreme Court ruling, exempting a company from collecting sales tax in a state where it has no physical presence, should not be extended to income tax.
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