Eliminates minimum corporation business tax on New Jersey S corporations.
The bill eliminates the minimum corporation business tax on New Jersey S corporations, which currently ranges from $500 to $2,000 based on gross receipts. This change aims to reduce the burden of double taxation on S corporation shareholders. The bill applies to privilege periods beginning on or after January 1, 2010.
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- Overview
- Core Provisions
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- Legal Framework
- Critical Issues
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