NJ Senators Push Law To Kill Business Subsidiary Tax Tactic

From Law360, January 28, 2016 (subscription required):
A group of New Jersey Democratic lawmakers proposed a bill Thursday to close a corporate tax loophole by requiring companies with subsidiaries in different states to be taxed based on New Jersey’s share of their combined incomes.

The combined-reporting tax law would treat the parent company and subsidiaries of multistate corporations as one entity for state corporate income tax purposes, adding their profits together and taxing them on the share of the combined income generated in New Jersey, the lawmakers said in unveiling bill S-61.