NJ S953

Eliminates the minimum corporation business tax for New Jersey S corporations, which currently ranges from $500 to $2,000 annually based on gross receipts.

Current minimum tax structure being eliminated: $500 for gross receipts under $100,000, $750 for $100,000-$250,000, $1,000 for $250,000-$500,000, $1,500 for $500,000-$1,000,000, and $2,000 for $1,000,000 or more.

Amends P.L.1945, c.162 (the Corporation Business Tax Act) to exempt New Jersey S corporations from the alternative minimum assessment calculated under section 7 of P.L.2002, c.40.

Intended to reduce the burden of double taxation on S corporation shareholders, who already pay personal income tax on pass-through business income.

Applies to privilege periods beginning on or after January 1, 2010, with immediate effective date upon enactment.