54A:8-7 - Report of change in federal taxable income or credit - New Jersey Statutes

54A:8-7.  Report of change in federal taxable income or credit
54A:8-7.  Report of change in federal taxable income or credit.  If the amount of a taxpayer's federal taxable income or earned income tax credit  reported on the taxpayer's federal income tax return for any taxable year is changed or corrected by the United States Internal Revenue Service or other competent authority, or as the result  of a renegotiation of a contract or subcontract with the United States, the  taxpayer shall report such change or correction in federal taxable income or earned income tax credit within 90 days after the final determination of such change, correction, or renegotiation, or as otherwise required by the director, and shall concede the  accuracy of such determination or state wherein it is erroneous.  Any taxpayer  filing an amended federal income tax return shall also file within 90 days  thereafter an amended return under this act, and shall give such information as the director may require.  The director may by regulation prescribe such exceptions to the requirements of this section as the director deems appropriate.

L.1976, c.47, s.54A:8-7; amended 2000, c.80, s.6.