Bill > A1032

Introduced Session

This bill eliminates the $375 minimum Corporation Business Tax (CBT) payment due for New Jersey S corporations with New Jersey gross receipts of less than $100,000. At present, if a New Jersey S corporation earns New Jersey gross receipts of less than $100,000, a $375 minimum CBT payment is due. The $375 minimum CBT payment is due even if the New Jersey S corporation earns New Jersey gross receipts significantly less than $100,000. And this minimum CBT payment does not account for the further possibility of the gross income tax's application to the New Jersey S corporation's income through the shareholders. This bill alleviates the rigid application of the CBT minimum tax on New Jersey S corporations with less than $100,000 in New Jersey gross receipts. As New Jersey continues to recover from the most recent economic downturn, this bill will help some of New Jersey's smallest grossing S corporations free up potentially duplicative tax payments for more productive investment in the economy. The bill applies to privilege periods beginning on and after the date of enactment.

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Jay Webber (R)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/27/2016)