NJ Tax E-News 10/1/20
The following information has been posted to NJ Division of Taxation website since 09/30/20:
UPDATED PETROLEUM PRODUCTS GROSS RECEIPTS TAX RATES
The Petroleum Products Gross Receipt Tax rate on gasoline and diesel fuel increased on Oct. 1, 2020.
https://www.state.nj.us/treasury/taxation/excisetaxrate.shtml
COVID-19 RELATED TAX INFORMATION
All COVID-19 related tax information (this page is updated frequently).
https://www.state.nj.us/treasury/taxation/covid19.shtml
PASS-THROUGH BUSINESS ALTERNATIVE INCOME TAX ACT
P.L.2019, c.320 enacted the Pass-Through Business Alternative Income Tax Act, effective for tax years beginning on or after January 1, 2020. For New Jersey purposes, income and losses of a pass-through entity are passed through to its owners. However, the law allows pass-through entities to elect to pay tax due on the owner’s share of distributive proceeds. The owner(s) may then claim a refundable tax credit for the amount of tax paid by the pass-through entity on their share of distributive proceeds
https://www.nj.gov/treasury/taxation/baitpte.shtml
PASS-THROUGH BUSINESS ALTERNATIVE INCOME TAX ACT FAQ
The purpose of this guidance is to provide answers and clarification to commonly asked questions regarding P.L.2019, c.320 (C.54A:12-1 et al), the Pass-Through Business Alternative Income Tax.
https://www.nj.gov/treasury/taxation/baitpte-faq.shtml
CORPORATION BUSINESS TAX
2019 Corporation Business Tax: 30-Day Penalty Relief For Extended Returns
2019 Corporation Business Tax calendar year returns being filed under extension have the same return due date as the federal return, October 15, 2020. Some filers receive an extension to file their federal return and need slightly more time to file their New Jersey return.
https://www.nj.gov/treasury/taxation/cbt/2019penalty-relief.shtml
PROPERTY TAX RELIEF PROGRAMS
Funding for the Homestead Benefit and/or Senior Freeze program will be determined by the new budget proposed by the Governor and agreed to by the Legislature, which is scheduled to go into effect October 1.
Information about credits/payment availability will be posted after October 1, 2020.
2017 HOMESTEAD BENEFIT
Current program information can be found at:
https://www.state.nj.us/treasury/taxation/homestead/geninf.shtml
SENIOR FREEZE (PROPERTY TAX REIMBURSEMNT)
Current program information can be found at:
https://www.state.nj.us/treasury/taxation/ptr/index.shtml
LOCAL PROPERTY TAX
Statistical Data: Updated listings under Abstract of Ratables, Average Residential Assessment, Common Level Ranges (Chapter 123), General Tax Rates by County and Municipality, and Grantor’s Listing
https://www.state.nj.us/treasury/taxation/lpt/statdata.shtml
PUBLIC AUCTIONS
Listings for current Division of Taxation Public Auctions
https://www.state.nj.us/treasury/taxation/auctions.shtml
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If you have a question about any of the taxes and programs administered by the Division of Taxation, click on https://www.state.nj.us/treasury/assets/contact/taxation/contact-taxation.shtml to send an email.
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NJ Division of Taxation
50 Barrack Street
Trenton, New Jersey 08695
609-292-6400
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