summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 for four privilege periods (tax years) 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% for the first two privilege periods starting on or after January 1, 2018, and 1.5% for the two periods after that. This bill eliminates the surtax for privilege periods beginning on or after January 1, 2019, so it would no longer be in effect for the three remaining privilege periods.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A1321 |
| BillText | https://pub.njleg.gov/Bills/2024/A1500/1321_I1.HTM |
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