Gradually reduces the corporation business tax rate from 9 percent to 2.5 percent of income.

This bill gradually reduces the corporation business tax rate from 9 percent to 2.5 percent of income. The reduction occurs in stages: 7 percent for privilege periods ending between January 1, 2021 and December 31, 2021; 5 percent for privilege periods ending between January 1, 2022 and December 31, 2022; 3 percent for privilege periods ending between January 1, 2023 and December 31, 2023; and 2.5 percent for privilege periods ending after December 31, 2023. The bill affects corporations operating in New Jersey, impacting their tax liabilities based on their net income.

Gradually reduces the corporation business tax rate from 9 percent to 2.5 percent of income.

This bill gradually reduces the corporation business tax rate from 9 percent to 2.5 percent of income. The reduction occurs in stages: 7 percent for privilege periods ending between January 1, 2021 and December 31, 2021; 5 percent for privilege periods ending between January 1, 2022 and December 31, 2022; 3 percent for privilege periods ending between January 1, 2023 and December 31, 2023; and 2.5 percent for privilege periods ending after December 31, 2023. The bill affects corporations operating in New Jersey, impacting their tax liabilities based on their net income.