NJ S3515

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.

"Small business" is defined as any independently owned and operated business employing fewer than 20 full-time employees.

The Director of the Division of Taxation may require documentation, records, and other information to verify a seller qualifies as a small business.

Sellers who willfully falsify documents to claim the credit face penalties of $100 for a first offense and $200 for each subsequent offense.

The credit applies to sales and use tax collections remitted on or after the first day of the sixth month following enactment.