New Jersey Statutes 54A:5-9. S corporation tax exemption
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Terms Used In New Jersey Statutes 54A:5-9
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
11. Except as otherwise provided by P.L.2019, c.320 (C. 54A:12-1 et al.), an S corporation as such shall not be subject to the tax imposed by the “New Jersey Gross Income Tax Act,” N.J.S. 54A:1-1 et seq., but the S corporation income, dividends, and gain of a shareholder of an S corporation shall be subject to the tax, and the tax shall be imposed on the shareholder’s pro rata share, whether or not distributed, of the S corporation income for its taxable year ending within or with the shareholder’s taxable year.
L.1993, c.173, s.11; amended 2019, c.320, s.9.