NJ Tax E-News 1/12/21

2020 TAX FORMS
2020 Income Tax Returns – https://www.nj.gov/treasury/taxation/prntgit.shtml
2020 Partnership Returns – https://www.nj.gov/treasury/taxation/prntgit.shtml
IMPORTANT CHANGES FOR 2020
https://www.nj.gov/treasury/taxation/new2020.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
UPDATED GUIDELINES FOR INSURANCE GUIDANCE PROVIDERS AND EMPLOYERS
The New Jersey Health Insurance Market Preservation Act requires most state residents to maintain
health coverage.
https://nj.gov/treasury/njhealthinsurancemandate/
ELECTRONIC FILING MANDATE FOR ALL W-2S AND 1099S
Beginning with Tax Year 2020, The Division of Taxation is requiring mandatory electronic filing for W-2s
and 1099s. The mandate includes Forms NJ-W-3, W-2, W-2G, 1094/1095, and all types of 1099s.
https://www.nj.gov/treasury/taxation/git/efilemand.shtml
CORPORATION BUSINESS TAX
Changes and Corrections to the Corporation Business Tax and Other Taxes/Fees Pursuant
P.L. 2020, c. 118 (Chapter 118), which was signed into law on November 4, 2020, made a series of
technical corrections, clarifications, and changes to legislation affecting the Corporation Business Tax Act
(CBT). This Technical Bulletin summarizes the changes and categorizes them by effective date.
https://www.nj.gov/treasury/taxation/pdf/pubs/tb/tb97.pdf
PROPERTY TAX RELIEF PROGRAMS
SENIOR FREEZE (PROPERTY TAX REIMBURSEMNT)
2019 Senior Freeze Property Tax Reimbursement deadline extended again. The application deadline
was extended to February 1, 2021.
Current program information can be found at:
https://www.state.nj.us/treasury/taxation/ptr/index.shtml
HOMESTEAD BENEFIT
2017 Homestead Benefit payments will be paid to eligible taxpayers beginning in May 2021.
Current program information can be found at:
https://www.state.nj.us/treasury/taxation/homestead/geninf.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
https://www.nj.gov/treasury/taxation/baitpte-faq.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