P.L. 2011, c. 84 signed on June 30, 2011, applicable to privilege periods beginning in calendar year 2012 reduces the minimum tax for New Jersey S corporations by 25%. The minimum tax is based on New Jersey gross receipts as defined in N.J.S.A. 54:10A-5a. For privilege periods beginning in calendar year 2012, the minimum tax for New Jersey S corporations is as follows:
|New Jersey Gross Receipts||Minimum Tax|
|Less than $100,000||$375|
|$100,000 or more but less than $250,000||$562.50|
|$250,000 or more but less than $500,000||$750|
|$500,000 or more but less than $1,000,000||$1,125|
|$1,000,000 or more||$1,500|
Note: In order to be treated as a New Jersey S corporation, a corporation must elect and receive approval for New Jersey S corporation status by filing a completed Form CBT-2553, pursuant to N.J.S.A. 54:10A-5.22.