Two business-encouragement bills cleared the Senate Budget Committee today.
S2980 eliminates the limit on the application of the corporation business tax research expense credit to 50% of liability otherwise due. It cleared unanimously.
A bill S2981 that decreases the minimum corporation business tax on New Jersey subchapter S corporations was approved unanimously. This bill provides a 25% cut in the minimum tax payable by a New Jersey subchapter S corporation, for taxable periods beginning on or after January 1, 2012.