Reduces CBT rate; retroactive to January 1, 2020.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill reduces the New Jersey corporation business tax (CBT) rate to 2.5% for privilege periods ending after December 31, 2019, and makes this rate permanent. The reduction is retroactive to January 1, 2020, impacting how corporations calculate their tax obligations. The bill aims to provide financial relief to businesses affected by the COVID-19 pandemic.
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