New Jersey S4735 allows exclusion of up to $50,000 of small business income from gross income tax and corporation business tax.
New Jersey S4735 amends the state's tax law to exclude up to $50,000 of income earned by qualified small businesses from taxation under the gross income tax and corporation business tax. A qualified small business must be independently owned and operated, have its principal business operations in New Jersey, be registered with the state, earn gross revenues of no more than $2 million, and employ no more than 20 full-time or part-time employees. The exclusion applies to tax periods beginning after December 31, 2024.
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