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NJ S1116
Bill
Status
1/9/2024
Primary Sponsor
John McKeon
Click for details
AI Summary
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Imposes a tax of $0.0025 (one-quarter cent) per financial transaction on persons or entities that process 10,000 or more financial transactions annually through electronic infrastructure located in New Jersey
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Defines "financial transaction" to include purchases or sales of securities such as futures contracts, options contracts, swap contracts, credit default swaps, derivatives, and shares of stock
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Ensures no single financial transaction is taxed more than once; if multiple entities process the same transaction, only the first processor using New Jersey infrastructure is liable
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Requires monthly filing and payment of the tax to the Division of Taxation under the State Uniform Tax Procedure Law
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Takes effect 90 days following enactment
Legislative Description
Imposes tax on high-quantity processors of financial transactions at $0.0025 per transaction.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024