54:10A-5.22a Regulatory requirements, granting retroactive election, authorization.
73 words·~1 min read·
/nj/title-54/chapter-10a/54-10a-5-22a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
24. The Directors of the Divisions of Revenue and Enterprise Services and Taxation, when determining whether to grant retroactive election of S corporation status, shall liberally construe regulatory requirements in favor of the corporation and shall have the discretion to authorize retroactive S corporation status in circumstances in which a taxpayer may not be capable of meeting all regulatory requirements for such retroactive election through no fault of the taxpayer.
L.2022, c.133, s.24.