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NJ S841
Bill
Status
1/9/2024
Primary Sponsor
Anthony M. Bucco
Click for details
AI Summary
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Small businesses that collect and remit sales and use tax may claim a credit equal to 10 percent of their monthly remittance or $100 per month, whichever is less
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"Small business" is defined as an independently owned and operated business with fewer than 20 full-time employees
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The Director of the Division of Taxation may require documentation, records, and other information to verify small business status
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Sellers who willfully and knowingly falsify documents to claim the credit face penalties of $100 for a first offense and $200 for subsequent offenses
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The credit applies to sales and use tax remitted on or after the first day of the sixth month following enactment
Legislative Description
Establishes credit under sales and use tax for certain small businesses that collect and remit sales and use tax.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024