The New Jersey Division of Taxation recently announced a voluntary corporate income tax transfer pricing resolution initiative. The initiative began on June 15, 2022, and will continue through March 2, 2023. Generally, the initiative is intended to expedite the resolution of corporate intercompany pricing issues for all open years as requested by the taxpayer. The initiative applies to all filed corporate income tax returns within the statute of limitations that have intercompany transactions that would be subject to adjustment under the applicable laws. To participate in this initiative, taxpayers must complete an “Election to Participate in Transfer Pricing Initiative” form by Sept. 15, 2022, and submit all required transfer pricing, tax, and financial information and documentation by Oct. 31, 2022.