S.1969

New Jersey S1969 clarifies the business personal property tax for local exchange telephone and wireless companies.

New Jersey S1969 amends the business personal property tax to clarify its application to local exchange telephone companies that were subject to the tax as of April 1, 1997. The bill aims to correct an incorrect interpretation by the Tax Court in Verizon New Jersey Inc. v. Hopewell Borough. It also imposes the business personal property tax on wireless telephone companies, including their small cell network nodes. This change is intended to restore the intended local property tax base and affect all other local property taxpayers in municipalities where these companies operate.