Declan O'Scanlon, Jr. voted Nay (Passage) on this Legislation.
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 to pass a bill that establishes a corporate business tax of 2.5 percent until December 31, 2023.
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
Vote to pass a bill that establishes a corporate business tax of 2.5 percent until December 31, 2023.
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