Temporarily lowers corporation business tax rate for five years and repeals corporation business surtax.

This bill temporarily reduces New Jersey's corporate business tax rate from 9% to 7.5% for five tax years (starting January 1 after enactment) and repeals the 2.5% corporation business surtax. It directly affects most corporations (excluding S corporations and partnerships with over $100,000 annual net income) by lowering their tax burden on net income. The key provisions are the rate reduction and surtax repeal, which were set to expire in 2023. The sponsor states the goal is to promote economic development and job creation by easing taxes for businesses.