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New Jersey’s new tax law, A.B. 4295, which was enacted on December 22, 2022, includes key changes for corporations, including New Jersey’s position on a requirement for certain businesses to elect S-corporation status. Tax professionals are pointing to three key provisions of the new law:
In particular, the elimination of the requirement to elect S-corporation status for purposes of New Jersey state taxes is being hailed as providing significant relief to those companies as the new law simplifies compliance and eliminates potential pitfalls for unsuspecting taxpayers.
If you have questions on State and Local Tax matters, please contact the HBK SALT Advisory Group at hbksalt@hbkcpa.com.
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