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Section 54A:5-9 - S corporation tax exemption.

NJ Rev Stat § 54A:5-9 (2019) (N/A)
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54A:5-9 S corporation tax exemption.

11. Except as otherwise provided by P.L.2019, c.320 (C.54A:12-1 et al.), an S corporation as such shall not be subject to the tax imposed by the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., but the S corporation income, dividends, and gain of a shareholder of an S corporation shall be subject to the tax, and the tax shall be imposed on the shareholder's pro rata share, whether or not distributed, of the S corporation income for its taxable year ending within or with the shareholder's taxable year.

L.1993, c.173, s.11; amended 2019, c.320, s.9.

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