{"id":145,"date":"2011-07-06T21:29:08","date_gmt":"2011-07-06T21:29:08","guid":{"rendered":"http:\/\/ua-cpas.com\/blog\/?p=145"},"modified":"2011-07-06T21:29:08","modified_gmt":"2011-07-06T21:29:08","slug":"nj-new-budget-decreases-s-corp-minimum-tax","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2011\/07\/06\/nj-new-budget-decreases-s-corp-minimum-tax\/","title":{"rendered":"NJ New Budget Decreases S-Corp Minimum Tax"},"content":{"rendered":"<p>On June 30<sup>th<\/sup>, 2011, New Jersey Governor Chris Christie signed into law portions of the legislature\u2019s New Jersey budget that included a 25% decrease for the minimum corporate business tax on S-corporations. The new rates are as follows:<\/p>\n<p><span style=\"text-decoration: underline;\">Gross Receipts\u00a0<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"text-decoration: underline;\">\u00a0Minimum Tax<\/span><\/p>\n<p>$1 million or more\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,500<\/p>\n<p>$500,000-$999,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,125<\/p>\n<p>$250,000-$499,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $750<\/p>\n<p>$100,000-249,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $562.50<\/p>\n<p>Less than $100,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $375<\/p>\n<p>The only exception to the decrease will be S-corporations which are members of affiliated or controlled groups with payrolls of $5,000,000 or more. Their minimum tax remains at $2,000.<\/p>\n<p>This last exclusion from the new minimum corporate tax law seems to unfairly discriminate against staffing agencies and service corporations, as their primary expense is payroll. In fact, payroll IS the product being sold. Typically staffing agencies\u00a0 have controlled groups and reach the $5,000,000 threshold. Yet, solely due to their line of business, they will not benefit from the new reduction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 30th, 2011, New Jersey Governor Chris Christie signed into law portions of the legislature\u2019s New Jersey budget that included a 25% decrease for the minimum corporate business tax on S-corporations. The new rates are as follows: Gross Receipts\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Minimum Tax $1 million or more\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,500 $500,000-$999,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,125 $250,000-$499,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $750 $100,000-249,999\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $562.50 Less than $100,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,14,20],"tags":[149,151,189],"class_list":{"0":"post-145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-small-business-forum","7":"category-medical-practices","8":"category-staffing-agencies","9":"tag-nj-income-taxes","10":"tag-nj-s-corp-taxes","11":"tag-staffing-agencies-2","12":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=145"}],"version-history":[{"count":0,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}