New Jersey’s surtax on corporate business taxpayers nears its second year. The surtax rate has been 2.5% for tax years starting on or after Jan. 1, 2018, through Dec. 31, 2019. The rate becomes 1.5% for tax years starting on or after Jan. 1, 2020, through Dec. 31, 2021. The temporary surtax is in addition to the annual corporation business tax on taxpayers with NJ-allocated taxable net income exceeding $1 million. It’s levied on allocated taxable net income and applies to taxpayers with a corporation business tax liability. The surtax doesn’t apply to public utilities or S corporations. Contact us for more information. © 2019