Tax Surcharge on New Jersey C-Corps Facing Pushback

Owners of New Jersey C-Corps should keep in touch with their accounting and tax advisors as potential tax surcharges could impact them if passed into law.

“State Senate President Steve Sweeney unveiled a proposal Tuesday that would raise the corporate business tax rate to 12 percent for businesses registered as C-corporations and earning more than $1 million. The “surcharge” proposed by Sweeney, D-3rd District, would raise the tax rate by three percentage points. “My bill would recapture a portion of that corporate windfall to fund programs that will make New Jersey a better place to live and work.” Sweeney said the plan is in response to the recently enacted federal tax reform plan in which corporations benefitted from a tax cut. Sweeney said he believes his proposal could yield about $657 million in new revenue.”

Read: Sweeney tax ‘surcharge’ on C-corps facing pushback at NJBIZ

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