A temporary surtax in addition to the annual corporation franchise tax is being imposed on companies with NJ allocated taxable net income exceeding $1 million. The rates are 2.5% for tax years 1/1/18 through 12/31/19 and 1.5% for tax years 1/1/20 through 12/31/21. The surtax applies to all taxpayers with a corporation business tax liability but does not apply to public utilities or New Jersey S corporations. © 2019

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