diff --git a/src/Microsoft.NET.Sdk.Razor/build/netstandard2.0/Sdk.Razor.CurrentVersion.targets b/src/Microsoft.NET.Sdk.Razor/build/netstandard2.0/Sdk.Razor.CurrentVersion.targets
index 7d771e7c0d..2e2dba43b1 100644
--- a/src/Microsoft.NET.Sdk.Razor/build/netstandard2.0/Sdk.Razor.CurrentVersion.targets
+++ b/src/Microsoft.NET.Sdk.Razor/build/netstandard2.0/Sdk.Razor.CurrentVersion.targets
@@ -457,7 +457,7 @@ Copyright (c) .NET Foundation. All rights reserved.
   <Target
     Name="_RazorGetCopyToPublishDirectoryItems"
     BeforeTargets="GetCopyToPublishDirectoryItems"
-    DependsOnTargets="RazorCompile"
+    DependsOnTargets="ResolveRazorGenerateInputs"
     Condition="'$(ResolvedRazorCompileToolset)'=='RazorSdk' and '$(RazorCompileOnPublish)'=='true'">
 
     <!-- 
diff --git a/test/Microsoft.AspNetCore.Razor.Design.Test/IntegrationTests/PublishIntegrationTest.cs b/test/Microsoft.AspNetCore.Razor.Design.Test/IntegrationTests/PublishIntegrationTest.cs
index 0931cfd43b..aa3c141987 100644
--- a/test/Microsoft.AspNetCore.Razor.Design.Test/IntegrationTests/PublishIntegrationTest.cs
+++ b/test/Microsoft.AspNetCore.Razor.Design.Test/IntegrationTests/PublishIntegrationTest.cs
@@ -354,5 +354,52 @@ namespace Microsoft.AspNetCore.Razor.Design.IntegrationTests
             // cshtml Content item that's not part of RazorGenerate gets published.
             Assert.FileExists(result, PublishOutputPath, "Views", "Home", "About.cshtml");
         }
+
+        [Fact]
+        [InitializeTestProject("AppWithP2PReference", additionalProjects: new[] { "ClassLibrary", "ClassLibrary2" })]
+        public async Task Publish_WithP2P_WorksWhenBuildProjectReferencesIsDisabled()
+        {
+            // Simulates publishing the same way VS does by setting BuildProjectReferences=false.
+            // With this flag, P2P references aren't resolved during GetCopyToPublishDirectoryItems which would cause
+            // any target that uses References as inputs to not be incremental. This test verifies no Razor Sdk work
+            // is performed at this time.
+            var additionalProjectContent = @"
+<ItemGroup>
+  <ProjectReference Include=""..\ClassLibrary2\ClassLibrary2.csproj"" />
+</ItemGroup>
+";
+            AddProjectFileContent(additionalProjectContent);
+
+            var result = await DotnetMSBuild(target: default);
+
+            Assert.BuildPassed(result);
+
+            Assert.FileExists(result, OutputPath, "AppWithP2PReference.dll");
+            Assert.FileExists(result, OutputPath, "AppWithP2PReference.Views.dll");
+            Assert.FileExists(result, OutputPath, "ClassLibrary.dll");
+            Assert.FileExists(result, OutputPath, "ClassLibrary.Views.dll");
+            Assert.FileExists(result, OutputPath, "ClassLibrary2.dll");
+            Assert.FileExists(result, OutputPath, "ClassLibrary2.Views.dll");
+
+            // dotnet msbuild /t:Publish /p:BuildProjectReferences=false
+            result = await DotnetMSBuild(target: "Publish", "/p:BuildProjectReferences=false", suppressRestore: true);
+
+            Assert.BuildPassed(result);
+
+            Assert.FileExists(result, PublishOutputPath, "AppWithP2PReference.dll");
+            Assert.FileExists(result, PublishOutputPath, "AppWithP2PReference.pdb");
+            Assert.FileExists(result, PublishOutputPath, "AppWithP2PReference.Views.dll");
+            Assert.FileExists(result, PublishOutputPath, "AppWithP2PReference.Views.pdb");
+
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary.dll");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary.pdb");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary.Views.dll");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary.Views.pdb");
+
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary2.dll");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary2.pdb");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary2.Views.dll");
+            Assert.FileExists(result, PublishOutputPath, "ClassLibrary2.Views.pdb");
+        }
     }
 }