NJ A5986

Purchasers, transferees, and assignees involved in bulk sale transactions may submit required notifications to the Division of Taxation electronically, in addition to registered mail

The Director of the Division of Taxation must establish an Internet-based system within one year of enactment for electronic submission of bulk sale notifications

The electronic system must allow users to submit notifications with supporting documentation, receive confirmation of proper submission, and receive notices about potential State tax claims and amounts owed

Bulk sales are transfers of business assets outside the ordinary course of business, requiring notification at least 10 days before taking possession or paying for the assets

The Director may adopt immediate rules and regulations to implement the system, effective for up to 18 months before requiring formal adoption under the Administrative Procedure Act