Temporarily reduces corporation business tax rate and eliminates surtax for five years.

This bill lowers the corporation business tax rate from nine percent to seven and a half percent for five years. It also repeals the corporation business surtax, which currently adds an additional two and a half percent tax on net income. The changes apply to corporations that are not S corporations or partnerships with net income over $100,000. The bill aims to promote economic development and job creation by easing the tax burden on New Jersey businesses.

Temporarily reduces corporation business tax rate and eliminates surtax for five years.

This bill lowers the corporation business tax rate from nine percent to seven and a half percent for five years. It also repeals the corporation business surtax, which currently adds an additional two and a half percent tax on net income. The changes apply to corporations that are not S corporations or partnerships with net income over $100,000. The bill aims to promote economic development and job creation by easing the tax burden on New Jersey businesses.