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Reduction of the Minimum Corporation
Business Tax on NJ S-Corps
Beginning in calendar year 2012 a new law reduces the minimum tax for New Jersey S corporations by 25%. The minimum tax is based on New Jersey gross receipts. In 2012 the minimum tax for New Jersey S corporations is as follows:
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New Jersey Gross Receipts |
Minimum Tax: | |
Less than $100,000 |
. . . . $375 | |
$100,000 or more but
less than $250,000 |
. . . . $562.50 | |
$250,000 or more but
less than $500,000 |
. . . . $750 | |
$500,000 or more but
less than $1,000,000 |
. . . . $1,125 | |
$1,000,000 or more |
. . . . $1,500 |
In order to be treated as a New Jersey S corporation, a corporation must elect and receive approval for New Jersey S corporation status by filing a completed Form CBT-2553.
If you have any questions about these or any tax developments, please contact Fred Schutz at 856-722-5300 ext. 201 or Dave Gill at ext. 210. |
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