New Jersey Statutes 54:10A-5.41. Assessment, payment of surtax
Terms Used In New Jersey Statutes 54:10A-5.41
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) For a taxpayer, except a public utility, that has allocated taxable net income in excess of $1 million for the privilege periods, beginning on or after January 1, 2018 through December 31, 2023, the surtax imposed shall be 2.5%; provided, however, that if the federal corporate income tax rate imposed pursuant to section 11 of the federal Internal Revenue Code of 1986 (26 U.S.C. § 11) is increased to a rate of at least 35% of taxable income, the imposition of the surtax imposed pursuant to this section shall be suspended following the conclusion of a taxpayer’s privilege period corresponding with the increase to the federal corporate income tax rate.
(2) (Deleted by amendment, P.L.2020, c.95)
b. For purposes of this section,
(1) “taxpayer” shall mean any business entity that is subject to tax as provided in the Corporation Business Tax (1945), P.L.1945, c.162 (C. 54:10A-1 et seq.).
(2) “allocated taxable net income” shall mean allocated entire net income for privilege periods ending before July 31, 2019, or taxable net income as defined in subsection (w) of section 4 of P.L.1945, c.162 (C. 54:10A-4) for privilege periods ending on and after July 31, 2019.
The surtax imposed under this section shall be imposed on allocated taxable net income, and shall be due and payable in accordance with section 15 of P.L.1945, c.162 (C. 54:10A-15), and the surtax shall be administered pursuant to the provisions of P.L.1945, c.162 (C. 54:10A-1 et seq.). Notwithstanding the provisions of any other law to the contrary, no credits shall be allowed against the surtax liability computed under this section except for credits for installment payments, estimated payments made with a request for an extension of time for filing a return, or overpayments from prior privilege periods.
L.2018, c.48, s.1; amended 2018, c.131, s.7; 2020, c.95, s.1.