Division of TaxationAll business entities that qualify for and elect to be treated as partnerships for federal income tax are treated as partnerships for Ó£»¨ÊÓƵ Gross Income Tax purposes. For Ó£»¨ÊÓƵ Gross Income Tax purposes, every partnership or limited liability company (LLC) that has income from sources in the Ó£»¨ÊÓƵ, or has a Ó£»¨ÊÓƵ resident partner, must file the Ó£»¨ÊÓƵ Partnership return, Form NJ-1065. Tax is imposed on the partners on income and gains derived from a partnership. Income and gains derived from a partnership are taxed whether or not they are actually distributed.
Information is available regarding the reporting of partnership income in publication GIT-9P, Income From Partnerships , as well as Technical Bulletin TB-55 Partnership Filing Fee and Nonresident Partner Tax .