The income-based tax is measured by that portion of the net income allocable to New Jersey. Also, a corporation is defined as any other entity classified as a corporation for federal income tax purposes and any state or federally chartered building and loan association or savings and loan association. The tax also applies to joint-stock companies or associations, business trusts, limited partnership associations, financial business corporations, and banking corporations, including national banks.
The tax applies to all domestic corporations and all foreign corporations having a taxable status unless specifically exempt. The Corporation Business Tax Act imposes a franchise tax on a domestic corporation for the privilege of existing as a corporation under New Jersey law, and on a foreign corporation for the privilege of having or exercising its corporate charter in this State or doing business, employing or owning capital or property, maintaining an office, deriving receipts, or engaging in contracts in New Jersey. 96.įor details, see Changes to the Corporation Business Tax Act.ĭescription | Rate | Disposition of Revenues | History Installment Payments of Estimated Tax | Partnerships | Banking and Financial Corporations Investment Companies| Deferred Predissolution Payment | Allocation Factor Corporations: This page has not been updated to reflect all the legislative changes that have impacted the Corporation Business Tax Act in recent years, including P.L. Changes to the Corporation Business Tax Act
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