Bill > S524

Introduced Session

This bill eliminates the minimum corporation business tax on New Jersey S corporations. At present, a New Jersey S corporation is subject to the following minimum corporation business tax according to the amount of its New Jersey gross receipts. New Jersey Gross Receipts: Minimum Tax:Less than $100,000 $500$100,000 or more but less than $250,000 $750$250,000 or more but less than $500,000 $1,000$500,000 or more but less than $1,000,000 $1,500$1,000,000 or more $2,000 The purpose of this bill is to lessen the burden of double taxation upon S corporation shareholders. The bill will apply to privilege periods beginning on or after January 1, 2010.

Committee Categories

Jon Bramnick (R)*, 

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)

Official Document