No offer in compromise shall be accepted unless the taxpayer waives the running of the statutory period of limitations on both assessment or collection of the tax liability involved for the period during which the offer is pending, or the period during which any installment remains unpaid, and for one year thereafter.
N.J. Stat. Ann. § 54:53-15
Waiver of statute of limitations by taxpayer
Known as the Uniform Transitional Utility Assessment Act
The act spans §§ 54:10A-1 to 54:8A-99 (2,083 sections).
L.1975, c. 387, s. 15, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.