New Jersey Governor Phil Murphy’s proposed flip-flop, which reneges on his promise to allow the state’s 2.5% corporate business tax surtax to expire, has now passed both the New Jersey State Assembly and Senate and been signed by the governor. As a result, New Jersey will once again have the highest corporate income tax rate in the nation at 11.5%. The surtax will now apply to corporate taxpayers with “allocated taxable net income in excess of” $10 million a year, and it applies to tax years beginning in 2024. The legislation would allow the tax to expire after 2028 – but as surtax payers know, any expiration date is subject to extension.
Governor Murphy Saddles Taxpayers With the Nation’s Highest Corporate Tax Rate
Posted In Income Tax, New Jersey
Stephen P. KranzStephen (Steve) P. Kranz is a tax lawyer who solves tax problems differently. Over the course of his extensive career, Steve has acquired specific skills and developed a unique approach that helps clients develop and implement holistic solutions to all varieties of tax problems. He combines strategic thinking with effective skills for the courtroom, the statehouse and the conference room. Read Stephen Kranz's full bio.
Michael J. HilkinMichael J. Hilkin represents clients in all aspects of complex state and local tax matters. He has a particular focus on tax controversy and transactional issues relating to state and local income, franchise, sales and use, gross receipts and other business taxes. Michael has extensive experience handling state and local tax issues before US administrative and judicial systems. Read Michael Hilkin's full bio.
David JasphyDavid Jasphy focuses his practice on state and local tax matters. He represents clients in all stages of tax controversy from audit through appellate litigation. He also provides planning and compliance strategies for clients with complex multistate tax concerns. Read David Jasphy's full bio.
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