N.J. Admin. Code § 18:7-18.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:7-18.2 - Alternative minimum assessment

(a) For privilege periods beginning on or after January 1, 2002, all New Jersey taxpayers except those enumerated in N.J.A.C. 18:7-18.3 are required to pay New Jersey corporation business tax computed under N.J.S.A. 54:10A-5 or the alternative minimum assessment computed under N.J.S.A. 54:10A-5a, whichever is greater. There are two methods of determining the alternative minimum assessment. One is based on New Jersey Gross Receipts, and the other is based upon New Jersey Gross Profits.

(b) For privilege periods beginning on and after July 1, 2006, the alternative minimum assessment shall be $ 0.00 except for corporations exempt from the corporation business tax on net income by virtue of the application of 15 U.S.C. §§ 381 et seq. ( P.L. 86-272). For such taxpayers, the alternative minimum assessment shall continue to be computed in accordance with N.J.S.A. 54:10A-5a.

(c) For privilege periods beginning on and after January 1, 2007, a taxpayer exempt from corporation business tax on net income by virtue of the application of 15 U.S.C. §§ 381 et seq. ( P.L. 86-272), that files a consent to the jurisdiction of this State to impose and pay the tax pursuant to N.J.S.A. 54:10A-5 shall have an alternative minimum assessment of $ 0.00.

N.J. Admin. Code § 18:7-18.2

Amended by 49 N.J.R. 1694(a), effective 6/19/2017