Tax Form Guides
Jun 28, 2015
In 1995, the Bulk Sale law, for the protection of the purchaser and the state, was enacted by P.L. 1995 chapter 161 (C54:32B-22C) and amended in 2007 by P.L. 2007, c. 100, sec. 5 (codified as N.J.S.A. 54:50-38). The law states that the purchaser, assignee or transferee of any business assets, other than in the ordinary course of business, must notify the state at least 10 business days in advance so an escrow can be established if the seller, assignor or transferor has potential tax liabilities to the Division of Taxation.