Bill > A1058

Introduced Session

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.

Committee Categories

Jon Bramnick (R)*,  Erik Peterson (R)*,  Patrick Diegnan (D), 

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