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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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