Bill > S518

This bill eliminates the one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million. The repeal of this tax will not affect any existing obligations, liens, or duties to pay taxes, interest, or penalties that have already accrued. All taxes and returns that would have been due under the previous law will still be payable, and the state will retain the legal authority to audit records and assess and collect any taxes owed. The bill will take effect immediately, but the repeal of the tax will not be operative until the first day of the second month following the date of enactment and will apply to transfers made on or after that date.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2022/S518