| What are the Changes to the New Jersey Minimum S Corporation Income Tax?
On June 30, 2010, "New Jersey Governor Chris Christie signed into law portions of the budget that will impact the NJ corporate tax. Per the NJ Legislature, "the minimum tax for S Corporations will be reduced by 25 percent effective calendar year 2012. The minimum tax is based on gross receipts sourced to New Jersey.
The new rates are as follows.
New Jersey Gross Receipts.....Current Minimum Tax...Updated Minimum Tax:
1)< $100,000....................................$500.. .................$375.00
2)$100,000 or more but< $250,000.......$750....................$562.50
3)$250,000 or more but< $500,000.....$1,000....................$750.00
4)$500,000 or more but<$1,000,000...$1,500..................$1,125.00
5)$1,000,000 or more......................$2,000.................. $1,500.00
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