Bill > A2933

Introduced Session

This bill eliminates the $375 minimum Corporation Business Tax (CBT) payment due for New Jersey S corporations with New Jersey gross receipts of less than $100,000. At present, if a New Jersey S corporation earns New Jersey gross receipts of less than $100,000, a $375 minimum CBT payment is due. The $375 minimum CBT payment is due even if the New Jersey S corporation earns New Jersey gross receipts significantly less than $100,000. And this minimum CBT payment does not account for the further possibility of the gross income tax's application to the New Jersey S corporation's income through the shareholders. This bill alleviates the rigid application of the CBT minimum tax on New Jersey S corporations with less than $100,000 in New Jersey gross receipts. As New Jersey continues to recover from the most recent economic downturn, this bill will help some of New Jersey's smallest grossing S corporations free up potentially duplicative tax payments for more productive investment in the economy. The bill applies to privilege periods beginning on and after the date of enactment.

AI Summary

Committee Categories

Jay Webber (R)*,  Harold Wirths (R)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 02/20/2020)