New Jersey S1535 clarifies local taxation of business personal property for local exchange telephone companies.
New Jersey S1535 addresses the local taxation of business personal property for local exchange telephone companies. The bill aims to correct a misinterpretation by the Tax Court in Verizon New Jersey Inc. v. Borough of Hopewell, which ruled that local exchange telephone companies must meet a 51 percent test annually to be subject to business personal property tax.
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