Division of TaxationP.L. 2011, c. 84 signed on June 30, 2011, applicable to privilege periods beginning in calendar year 2012 reduces the minimum tax for Ó£»¨ÊÓƵ S corporations by 25%. The minimum tax is based on Ó£»¨ÊÓƵ gross receipts as defined in N.J.S.A. 54:10A-5a. For privilege periods beginning in calendar year 2012, the minimum tax for Ó£»¨ÊÓƵ S corporations is as follows:
| Ó£»¨ÊÓƵ 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 Ó£»¨ÊÓƵ S corporation, a corporation must elect and receive approval for Ó£»¨ÊÓƵ S corporation status by filing a completed Form CBT-2553, pursuant to N.J.S.A. 54:10A-5.22.