A 3193
Eliminates $375 minimum Corporation Business Tax on New Jersey S corporations with New Jersey gross receipts of less than $100,000.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill eliminates the $375 minimum Corporation Business Tax (CBT) for New Jersey S corporations with New Jersey gross receipts of less than $100,000. Currently, these corporations were required to pay this minimum tax regardless of their actual income. This change aims to reduce the tax burden on smaller S corporations and potentially free up capital for investment. The bill amends existing tax law, P.L.1945, c.162, to achieve this reduction.
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