Bill > A1522

Introduced Session

This bill temporarily lowers the franchise tax rate imposed on the net income of a corporation that is not an S corporation or a partnership with an entire net income of more than $100,000 for a privilege period from nine percent to seven and a half percent for five corporate tax years and repeals the corporation business surtax. Under current law, certain corporations are subject to a franchise tax rate of nine percent in addition to a two and a half percent surtax on their net income for the corporate tax year. It is the sponsor's hope that by lowering the franchise tax rate and repealing the corporation business surtax ahead of its expiration on December 31, 2023, the State can better promote economic development and job creation by relieving the tax burden on New Jersey businesses.

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Committee Categories

Vicky Flynn (R)*,  Gerry Scharfenberger (R)*,  Bob Auth (R),  Michele Matsikoudis (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document