Bill > A2704

Introduced Session

This bill provides a credit against a seller's remittance of sales and use tax if that seller is deemed a small business pursuant to the definition set forth in the bill. The credit is equal to 10 percent of a seller's monthly remittance or $100 per month, whichever amount is less. The credit is provided to a seller at the time the seller files their sales and use tax return. The Director of the Division of Taxation can require a seller to submit any documentation, records, and other information as deemed necessary to verify that the seller is a small business. The bill defines small business as a business that is independently owned and operated and employs fewer than 20 full-time employees. If a seller willfully and knowingly falsifies any document, record, or other information required by the director to claim the credit, that seller is subject to a penalty of $100 for a first offense and $200 for each subsequent offense thereafter. The bill takes effect immediately and applies to sales and use tax collections remitted to the State on or after the first day of the sixth month next following the date of enactment.

Committee Categories

Brian Bergen (R)*,  Dawn Fantasia (R), 

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

Official Document