Repeals surtax imposed on certain businesses.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to repeal a surtax currently imposed on certain businesses in New Jersey. The surtax was initially enacted in 2018 for businesses with over $1 million in taxable net income, applying at rates of 2.5% and 1.5% over subsequent periods. This legislation would eliminate the surtax for all future privilege periods, effective immediately.
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