Archer’s COVID-19 Taskforce

Learn More
Latest COVID-19 Updates

Learn More

The Most Recently-Proposed New Jersey Tax Legislation

(Click here for printable PDF)

As many are aware, there is a lot of wrangling going on between Governor Murphy and the NJ Legislature over the fast-approaching June 30 budget deadline.

Yesterday, Senate President Sweeney proposed a budget that would raise $360 Million in new state taxes.

His proposal would increase the Corporation Business Taxes along the lines of that proposed by Governor Murphy: the CBT rate would jump from 9% (i) to 11.5% on businesses with net income of more than $1 million, and (ii) to 13% on businesses with net income in excess of $25 million.

There are a couple of key differences between the Senate proposal and the Governor’s:

   – – Under the Senate’s proposal, the Realty Transfer Fee on sales of homes and real estate used in a business of $1 million or more would double to 2%.

    – – The Senate proposal, however, does not include an increase in the top personal income tax rate which Gov. Murphy is insisting on.

Stay tuned, as June 30 will be here before you know it!

If you have any questions about this proposal, please do not hesitate to contact Tiffany Donio at tdonio@archerlaw.com or Gordon F. Moore at gmoore@archerlaw.com or any member of our Tax Group in Haddonfield, N.J., at (856) 795-2121, in Princeton, N.J., at (609) 580-3700, in Hackensack, N.J., at (201) 342-6000, in Philadelphia, Pa., at (215) 963-3300, New York, N.Y. at (212) 682-4940 or in Wilmington, Del., at (302) 777-4350.

DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.