Vernoia, Enterline + Brewer, CPA LLC

As the result of previously reported legislation, the minimum tax for New Jersey S corporations is reduced by 25%, applicable to privilege periods beginning in calendar year 2012. The minimum tax is based on New Jersey gross receipts. For privilege periods beginning in the 2012 calendar year, the minimum tax for New Jersey S corporations is as follows:

  • if New Jersey gross receipts are less than $100,000, the minimum tax is $375;
  • if New Jersey gross receipts are $100,000 or more but less than $250,000, the minimum tax is $562.50;
  • if New Jersey gross receipts are $250,000 or more but less than $500,000, the minimum tax is $750;
  • if New Jersey gross receipts are $500,000 or more but less than $1 million, the minimum tax is $1,125; and
  • if New Jersey gross receipts are $1 million or more, the minimum tax is $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, New Jersey S Corporation or New Jersey QSSS Election. Notice, New Jersey Division of Taxation, August 12, 2011

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