N.J.A.C. 18:7-1.13 - Regulated Investment Company; Definition

(a) "Regulated investment company" means any corporation, which for a period covered by its return is registered and regulated pursuant to the Investment Company Act of 1940 (54 Stat. 789), as amended. (See 15 U.S.C. §§ 80a-1 et seq.)

(b) A regulated investment company may also qualify as an investment company.

(c) For privilege periods ending on and after July 31, 2023, a regulated investment company that meets the definition of a captive regulated investment company as defined at N.J.S.A. 54:10A-4(jj) will be taxed in the same manner as a C corporation and N.J.S.A. 54:10A-5(d) shall not apply. None of the deductions and expenses that were permitted for Federal purposes, solely as a result of the entity being a regulated investment company, when computing Federal taxable entire net income shall be permitted.

(d) A regulated investment company not meeting the definition of a captive regulated investment company as defined at N.J.S.A. 54:10A-4(jj) will continue to be taxed in the same manner as a regulated investment company.