With the enactment of federal tax reform, otherwise known as the Tax Cuts and Jobs Act, there are a number of New Jersey state tax ramifications to consider stemming from the changes, including:
- the deduction for state and local taxes (“SALT”) paid by individuals;
- the limitation on the net operating loss deduction as applied to corporations; and
- the dividends-received deduction.
There are also a number of policy and tax filing options New Jersey and its taxpayers can consider in response.