State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-8a > 54-8a-116

54:8A-116.  Administration of act
    (a) The Division of Taxation in the Department of the Treasury shall administer the provisions of this act, adopt regulations necessary or desirable  to effectuate its purposes or to make explicit the treatment of various items,  authorize appropriate systems of accounting and computation, provide for the  allocation of income, gains and losses in cases where the source or connection  thereof may be partly within and partly without the source state of the  taxpayer, and prepare instructions for the guidance and information of  taxpayers.  Whenever possible, consistent with reasonable application of the  provisions of this act, the division shall so prepare its regulations, forms,  instructions and other acts to reduce the burden of making computations and  returns under this act differently from similar computations and returns  required of the same taxpayer with respect to the same income and gain to some  other jurisdiction.  The division shall also make procedural regulations for  its review and correction of returns of taxpayers, the making of refunds or  additional assessments of tax on such review or correction, and the assessment  of the tax where no return is filed, as well as the method and time of giving  due notice thereof and providing suitable methods for appropriate protest or  hearing.

    In addition to objects mentioned elsewhere in this act, such regulations may  describe the treatment to be accorded to items of exchange of property and the  recognition or nonrecognition thereof, the deferment of gains from the sale of  a personal residence, war losses, employee stock options, inclusions,  exclusions and exemptions from gross income, pensions, common trust funds, and  may provide for the determination and assessment of interest or penalties,  extensions of time for performing any act or making any payment, suspension of  penalty or interest or both for limited periods, waiver or reduction of  additional taxes, gathering of information and filing of reports for  information, and all other matters reasonably required for the fair, impartial  and practical administration of this act.

    (b) Except as otherwise provided, the amount of tax due on any return shall  be determined by the division within 3  1/2   years after the return was made.   When the return omits an amount greater than 25% of the taxable income  reported, and which should have been included, such determination shall be made  within 6  1/2   years after the return was made.  When no return is made, or  when a return is made willfully false or fraudulent with intent to evade the  tax, or if taxpayer fails to report a change or correction made by another  taxing jurisdiction or fails to file an amended return when required to by this  act, the amount of the tax may be determined at any time.  Where, for 1 taxable  year, a deduction disallowed appears to have been allowable in some other  taxable year not more than 5 years prior thereto, the return for such earlier  year may be revised and the tax for said year resettled, and if the same shall  result in a lower tax for said earlier year, the overpayment may be allowed as  a credit against, but not in excess of, any assessment resulting from the disallowance for the later year.

     L.1971, c. 222, s. 59, approved June 17, 1971.  Amended by L.1971, c. 354, s. 14; expired December 31, 1980 pursuant to L.1971,c.222,s.62.