Repeals surtax imposed on certain businesses.

This bill repeals a 2018 surtax on non-public utility businesses with over $1 million in taxable net income. It eliminates the 2.5% surtax rate for 2018-2019 and the 1.5% rate for 2020-2021, removing this tax obligation for qualifying businesses. The repeal applies to all future tax periods starting January 1, 2019, and takes effect immediately. This directly affects businesses subject to New Jersey’s Corporation Business Tax that previously paid this additional surcharge.