Bill
Bill > A1058
NJ A1058
Eliminates minimum corporation business tax on New Jersey S corporations.
summary
Introduced
01/27/2016
01/27/2016
In Committee
01/27/2016
01/27/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill eliminates the minimum corporation business tax on New Jersey S corporations. At present, a New Jersey S corporation is subject to the following minimum corporation business tax according to the amount of its New Jersey gross receipts. New Jersey Gross Receipts: Minimum Tax: Less than $100,000 $500 $100,000 or more but less than $250,000 $750 $250,000 or more but less than $500,000 $1,000 $500,000 or more but less than $1,000,000 $1,500 $1,000,000 or more $2,000 The purpose of this bill is to lessen the burden of double taxation upon S corporation shareholders. The bill will apply to privilege periods beginning on or after January 1, 2010.
AI Summary
This bill eliminates the minimum corporation business tax on New Jersey S corporations. Currently, New Jersey S corporations are subject to a minimum corporation business tax based on their New Jersey gross receipts, ranging from $500 to $2,000. The purpose of this bill is to lessen the burden of double taxation on S corporation shareholders. The bill will apply to privilege periods (tax years) beginning on or after January 1, 2010.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/27/2016)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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BillText | https://www.njleg.state.nj.us/2016/Bills/A1500/1058_I1.HTM |
Bill | https://www.njleg.state.nj.us/2016/Bills/A1500/1058_I1.PDF |
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