New Jersey Basic Business Taxes 2010
New Jersey's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include property tax abatements, no business personal property tax, and no retail gross receipts tax.
Area Development Research Desk (Feb/Mar 10)
Corporate income tax:
There is no capital stock tax, no unincorporated business tax, no business personal property tax, no commercial rent or occupancy tax (at the state level), and no retail gross receipts tax.
Corporate business tax (franchise):
Corporations are taxed at 9 percent of their entire net income allocated to the state. The tax rate for business corporations with income under $100,000 is 7.5 percent.
Sales and use taxes:
The state imposes a 7 percent tax on sales and use.
Property tax is assessed and collected at the municipal level.
Property tax abatement:
Any municipality may abate property taxes on realty for a new development project. For property tax abatement concerning a rehabilitation, contact the appropriate municipality.
New Jersey State Contact:
New Jersey Business Call Center
Trenton, NJ 08625-0820
Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.