New Jersey A1274 allows exclusion of up to $50,000 of income for qualified small businesses from gross income tax and corporation business tax.

New Jersey A1274 amends the gross income tax and corporation business tax to exclude up to $50,000 of income for qualified small businesses. A "qualified small business" is defined as an independently owned and operated corporation with management owning at least 51% of the corporation, located in New Jersey, registered with the state, earning gross revenues not exceeding $2,000,000, and employing no more than 20 full-time or part-time employees. The exclusion applies to tax periods beginning after December 31, 2024.

New Jersey A1274 allows exclusion of up to $50,000 of income for qualified small businesses from gross income tax and corporation business tax.

New Jersey A1274 amends the gross income tax and corporation business tax to exclude up to $50,000 of income for qualified small businesses. A "qualified small business" is defined as an independently owned and operated corporation with management owning at least 51% of the corporation, located in New Jersey, registered with the state, earning gross revenues not exceeding $2,000,000, and employing no more than 20 full-time or part-time employees. The exclusion applies to tax periods beginning after December 31, 2024.