Penalty Relief. The extended filing date for the New Jersey Corporation Business Tax Return on October 15, 2018 is the same due date as the federal return. We will automatically waive the late filing penalty for a corporate taxpayer with a properly extended federal return due date of October 15, 2018, if the return is filed by November 15, 2018 for extended calendar year corporations(or filed within an additional month of the extended due date for 2017 returns for fiscal year corporations).
We will consider elections made timely, if the elections are made on a 2017 New Jersey Corporation Business Tax Return filed by November 15 (or within an additional month for an extended 2017 return for a fiscal year corporation). Interest and penalties for late payment of the tax may still apply. Failure to file by the November 15, 2018 date, unless abated, will result in the imposition of a late filing penalty based on the October 15, 2018 due date.
Surtax. Section 1 of P.L. 2018, c.48 (N.J.S.A. 54:10A-5.41), as amended by P.L. 2018, c. 131, imposes a temporary surtax in addition to the annual corporation franchise tax on taxpayers having New Jersey allocated taxable net income that exceeds one million dollars at the rates as follows:
The surtax applies to all taxpayers with a corporation business tax liability, but does not apply to public utilities or New Jersey S Corporations. The surtax is imposed on allocated taxable net income.
Note: The New Jersey corporation business tax rates have not changed. The 2018 rates remain the same as the rates that were in effect for 2017.