Toyota Motor Credit Corp. v. Director, Division of Taxation

DeALMEIDA, P.J.T.C.

This is the court’s opinion with respect to the parties’ cross-motions for summary judgment. Plaintiff, a vehicle leasing company, raises several issues relating to the Director, Division of Taxation’s determination of plaintiffs Corporation Business Tax (“CBT”) obligations for its fiscal years 2003 through 2006. For the reasons explained more fully below, the court concludes that: (1) New Jersey’s decoupling from the federal bonus depreciation statute enacted in the wake of the events of September 11, 2001, 26 U.S.C.A. § 168, was effective beginning with plaintiffs fiscal…