54:10A-4.15 Permitted deductions for computing entire net income.
For privilege periods beginning on and after January 1, 2018, a taxpayer shall be allowed as a deduction for computing entire net income pursuant to section 4 of P.L.1945, c.162 (C.54:10A-4), in the amount of the full value of the deduction that the taxpayer was allowed for federal income tax purposes and for which the taxpayer had taken for federal income tax purposes pursuant to section 250 of the federal Internal Revenue Code (26 U.S.C. s.250); provided, however, such deduction shall only be allowable in computing entire net income pursuant to section 4 of P.L.1945, c.162 (C.54:10A-4) to the extent the corresponding amounts of income, that the deduction was attributable to and taken against for federal income tax purposes, have not been excluded or exempted pursuant to any provision of the Corporation Business Tax Act (1945), P.L.1945, c.162 (C.54:10A-1 et seq.).
L.2018, c.131, s.1.