Bill > A4629

Introduced Session

This bill excludes up to $50,000 of the income earned by qualified small businesses from taxation under the corporation business tax and the gross income tax. The provisions of this bill would apply to tax periods beginning after December 31, 2024. Under the bill, a ²qualified small business² is defined to include a business entity that: (1) is independently owned and operated, with management owning at least a 51 percent ownership interest in the corporation and being responsible for both its daily and long-term operations; (2) has its principal business operations located in the State; (3) is registered to do business in this State with the Director of the Division of Revenue and Enterprise Services; (4) earned gross revenues not more than $2 million during the applicable tax period; and (5) employed not more than 20 full-time or part-time employees during the taxable year, not including certain seasonal employees, except that a majority of the employees are required to be residents of this State.

AI Summary

Committee Categories

Michael Inganamort (R)*,  Alex Sauickie (R)*,  John Azzariti (R),  Robert Clifton (R),  Dawn Fantasia (R),  Paul Kanitra (R),  Michele Matsikoudis (R),  Gerry Scharfenberger (R),  Claire Swift (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 06/25/2024)

Official Document