The New Jersey Tax Court held that a corporation was not required to add back electric utilities taxes paid to North Carolina and South Carolina to determine the corporation’s entire net income subject to the New Jersey Corporation Business Tax (CBT). The Tax Court concluded that the electric utilities taxes paid by the corporation are not taxes “on or measured by profits or income, or business presence or business activity” within the meaning of New Jersey tax law and are not, therefore, required to be added back to the corporation’s federal taxable income for CBT purposes. The Tax Court reasoned that the legislative history of the applicable law clearly indicates that the add back provision is intended to capture only taxes paid to other states on a taxpayer’s net corporate income, and that the electric utilities tax paid by the corporation do not fit into this category. The Tax Court’s conclusions comported with its recent holding in PPL Electric Utilities Corp. v. Director, Division of Taxation, 28 N.J. Tax 128 (N.J. Tax Ct. Oct. 2, 2014), in which it determined that federal deductions for a corporation’s payments of Pennsylvania gross receipts tax and Pennsylvania capital stock tax are not subject to add back in New Jersey. Duke Energy Corp. v. Dir., Div. of Taxation, No. 010448-2008 (N.J. Tax Ct. Dec. 2, 2014).