N.J.S.A. 54:10A-5.22a — Regulatory requirements, granting retroactive election, authorization.

54:10A-5.22a Regulatory requirements, granting retroactive election, authorization. 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.

This is the verbatim text of N.J.S.A. 54:10A-5.22a, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.