This bill repeals a 2.5% surtax known as the "Corporate Transit Fee" that applied to corporations with New Jersey taxable income exceeding $10 million during tax periods starting in 2024-2028. It directly affects large corporations paying the Corporate Business Tax (CBT) in New Jersey, eliminating their requirement to pay this additional fee for future tax periods. The fee, which generated revenue for NJ Transit operations and capital projects starting in 2026, is now removed from law. The repeal takes effect immediately upon enactment, applying to all tax periods beginning after the bill’s passage.
This bill repeals a surtax on non-public utility businesses with over $1 million in taxable net income. The surtax, which was set at 2.5% for 2018 and 1.5% for 2020-2021, is eliminated for all tax periods beginning January 1, 2019. Affected businesses will no longer owe this additional tax. The repeal takes effect immediately upon enactment.
This bill limits the tax on cigars in New Jersey to a maximum of $0.50 per cigar, replacing the previous percentage-based tax structure for this product. It directly affects cigar manufacturers, retailers, and consumers who purchase cigars within the state. The key change specifies that the tax on cigars cannot exceed $0.50 per unit, regardless of wholesale price, while maintaining existing tax rates for other tobacco products like e-liquids and snuff. The bill amends New Jersey's tobacco tax law (P.L.1990, c.39) to clarify this cap for cigars specifically.
This bill removes a $100,000 spending limit on sales and use tax exemptions for businesses in New Jersey's Urban Enterprise Zone (UEZ) program. It directly affects qualified UEZ businesses that make capital improvements like building, repairing, or substantially upgrading their property. The key change eliminates the previous cap, allowing these businesses to claim full tax exemptions on all qualifying materials, supplies, and services used for eligible improvements - retroactive to January 1, 2022. This policy change applies to businesses with a valid UEZ certification (UZ-4) operating in designated zones.
S 3689 (Sponsored by Senator Bucco) expands New Jersey's pension and retirement income exclusion to include taxpayers earning over $150,000 annually, while increasing the maximum exclusion amount. Currently, taxpayers with incomes above $125,000 but under $150,000 receive reduced exclusions (e.g., 25% for married couples filing jointly), but this bill removes the $150,000 cap. Qualifying taxpayers - those receiving pension/retirement income and filing New Jersey taxes - would see higher tax savings under the revised rules. The bill amends existing tax code provisions (N.J.S.54A:6-10) to implement these changes.
This bill creates a 20% tax credit against New Jersey's corporate business tax for investments in qualifying manufacturing equipment and facility improvements (including renovation, modernization, or expansion) at manufacturing facilities located in the state. The credit applies to costs for equipment using advanced technology to produce tangible goods and facilities where over half the property is manufacturing equipment. Unused credits can be carried forward for up to seven years. The bill ensures these investments cannot also claim other existing tax credits like the New Jobs Investment Tax Credit.
This bill exempts the retail sale of used passenger cars, motorcycles, motor homes, and off-road vehicles from New Jersey's sales and use tax. It applies to all transactions - private sales, casual sales, and dealer sales - where the vehicle has been previously owned and title transferred from the original buyer. The tax exemption covers both in-state sales and out-of-state purchases, removing the tax obligation for these secondhand vehicle transactions. This change directly affects buyers and sellers of used motor vehicles in New Jersey by reducing the cost of these purchases.
Bill A 860 temporarily lowers New Jersey's corporate tax rate from 9% to 7.5% for five tax years (starting in 2027) and repeals the separate 2.5% corporation business surtax. It directly affects most corporations and partnerships with annual net income under $100,000, reducing their tax burden by eliminating the surtax and lowering the base rate. The bill applies to tax years beginning January 1, 2027, through 2031, and is pending before the Assembly Commerce Committee. This is a concrete tax rate change, not a procedural measure, affecting business tax obligations.
This bill creates a 1% tax credit for New Jersey corporations that pay small New Jersey businesses for subcontracted work performed within the state. A "small business" is defined as a New Jersey entity with fewer than 50 employees that is not affiliated with the paying corporation. The credit applies to payments made for work the corporation subcontracts to fulfill its own contracted duties, but cannot exceed 50% of the corporation’s tax liability or reduce the tax below the statutory minimum. The credit applies to privilege periods beginning after the bill’s enactment.
This New Jersey bill (S 3560) increases tax credits for corporations conducting research in targeted industries like clean energy, life sciences, and high-tech sectors. It raises the research credit rate from 10% to 15% for businesses in these industries and boosts the basic research payment credit to 15%. Crucially, it makes the research tax credit refundable - meaning corporations can receive cash payments if credits exceed their tax liability, rather than only reducing taxes owed. The bill directly affects New Jersey-based corporations engaged in qualifying research activities, with "targeted industries" defined by the state's Economic Development Authority.
