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Hopping On the Bandwagon: New Jersey Division of Taxation Unveils Voluntary Transfer Pricing Initiative

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New Jersey is the latest state to unveil a voluntary initiative to examine transfer pricing for taxpayers with intercompany transactions.  The initiative is similar to recent programs in North Carolina, Indiana, and Louisiana (see our prior coverage here and here, as well as our prior coverage of the Multistate Tax Commission’s ongoing transfer pricing collaboration and enforcement initiatives). The New Jersey Division of Taxation published guidance outlining the voluntary transfer pricing initiative last week (NJ…

Finding the Market Through the Looking Glass: California Issues Sales Factor Sourcing Guidance

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California’s long-anticipated market-based sourcing “guidance” is finally out. Legal Ruling No. 2022-01 provides the Franchise Tax Board’s take on how to find the market in certain business-to-business sales. Though the guidance emphasizes that a seller should look to where its direct customer receives the benefit of sales of services, it keeps with current market-based sourcing trends amongst states and directs taxpayers to source such receipts based on the location of the taxpayer’s customer’s customer. The…

New Jersey Seasons Russia and Belarus Sanctions With A Dash of SALT

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On March 9, 2022, the New Jersey legislature unanimously passed, and New Jersey Governor Philip D. Murphy signed, Senate Bill No. 1889 (“SB 1889”), which, among other limitations, prohibits entities with certain ties to Russia or Belarus from benefitting from New Jersey state and local economic development incentives, including certain state and local tax incentives. While several other states’ pension funds have moved to divest themselves of Russian financial holdings, SB 1889—which was swiftly introduced…

Federal Judge Rules That Challenge to Maryland Digital Advertising Tax Cannot Proceed In Federal Court, But Challenge to Pass-Through Prohibition Can Proceed

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On March 4, 2022, a federal judge ruled that the federal Tax Injunction Act (“TIA”) bars a challenge to Maryland’s Digital Advertising Gross Revenues Tax (“Digital Ad Tax”) from proceeding in federal district court, but does not bar the plaintiffs from challenging Maryland’s prohibition on passing the tax to a customer “by means of a separate fee, surcharge, or line-item” (the “Pass-Through Prohibition”). Chamber of Commerce of the United States of America v. Franchot, No.…

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