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Bill > S178

NJ S178

NJ S178
Repeals surtax imposed on certain businesses.

summary

Introduced
01/14/2020
In Committee
01/14/2020
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

This bill repeals the recently enacted surtax on certain businesses. In July of 2018 a surtax was imposed for four privilege periods on businesses subject to the corporation business tax, other than public utilities, with more than $1 million of taxable net income. For the first two privilege periods beginning on or after January 1, 2018, the surtax is imposed at 2.5 percent of income. The surtax is imposed at 1.5 percent for the two privilege periods after that. This bill eliminates the surtax for privilege periods beginning on or after January 1, 2019, so that the surtax would no longer be in effect for the three privilege periods beginning on or after that date.

AI Summary

This bill repeals the recently enacted surtax on certain businesses. The surtax was imposed in July 2018 on businesses subject to the corporation business tax, other than public utilities, with more than $1 million of taxable net income. The surtax was set at 2.5 percent of income for the first two privilege periods starting on or after January 1, 2018, and then decreased to 1.5 percent for the following two privilege periods. This bill eliminates the surtax altogether for privilege periods beginning on or after January 1, 2019, so that the surtax would no longer be in effect for the three privilege periods starting on or after that date.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/14/2020)
(3 Companion Bills)

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