New Jersey A2644 repeals the surtax on businesses with taxable net income over $1 million.
New Jersey A2644 repeals the surtax imposed on businesses with allocated taxable net income exceeding $1 million. The surtax was previously set at 2.5% for the first two privilege periods beginning on or after January 1, 2018, and 1.5% for the subsequent two periods. This bill eliminates the surtax for privilege periods starting on or after January 1, 2019, affecting businesses subject to the Corporation Business Tax, excluding public utilities.
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