A 4721 - Establishes a Corporate Business Tax Rate of 2.5 Percent - New Jersey Key Vote
Timeline
- Executive Signed
- Sept. 29, 2020
- Senate Bill Passed
- Sept. 24, 2020
- House Bill Passed
- Sept. 24, 2020
- Introduced
- Sept. 21, 2020
Related Issues
Stage Details
Title: Establishes a Corporate Business Tax Rate of 2.5 Percent
Signed by Governor Phil Murphy
Title: Establishes a Corporate Business Tax Rate of 2.5 Percent
Vote Smart's Synopsis:
Vote to pass a bill that establishes a corporate business tax of 2.5 percent until December 31, 2023.
Highlights:
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Establishes an existing corporate business tax (CBT) rate of 2.5 percent until December 31, 2023 (Sec. 1).
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Exempts the aforementioned tax rate if the federal corporate income tax rate is increased to its pre-Tax Cut and Jobs Act, which is 35 percent of taxable income (Sec. 1).
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Specifies that the current CBT surtax imposed on taxpayers that are not public utilities and that have allocated taxable net income in excess of $1 million (Sec. 1).
Title: Establishes a Corporate Business Tax Rate of 2.5 Percent
Vote Smart's Synopsis:
Vote to pass a bill that establishes a corporate business tax of 2.5 percent until December 31, 2023.
Highlights:
-
Establishes an existing corporate business tax (CBT) rate of 2.5 percent until December 31, 2023 (Sec. 1).
-
Exempts the aforementioned tax rate if the federal corporate income tax rate is increased to its pre-Tax Cut and Jobs Act, which is 35 percent of taxable income (Sec. 1).
-
Specifies that the current CBT surtax imposed on taxpayers that are not public utilities and that have allocated taxable net income in excess of $1 million (Sec. 1).
Title: Establishes a Corporate Business Tax Rate of 2.5 Percent