Tracking COVID-19 in New Jersey

UPDATE 4.17

New Jersey Gov. Murphy signs bill (SB 2338) extending the payment of income taxes and allowing for the waiver of certain fees and interest payments. This bill clarifies filing and payment deadline for SBT and GIT taxpayers, modifies the duration of State Fiscal Years 2020 and 2021, requires certain updates and presentation for State Fiscal Years 2020 and 2021.

More specifically for our contractor partners:

“This bill clarifies the time to file a gross income tax or 7 corporation business tax return or make payments to July 15, 2020, 8 adjusts the timing for the payment of interest and penalties and the 9 assessment of tax, alters the duration of State Fiscal Years 2020 and 10 2021 without impacting municipalities that adopt the State’s fiscal 11 year, requires the State Treasurer to provide certain updates on economic conditions, revenues, and spending plans, and requires 13 the Governor to formulate and present a revised budget message for 14 State Fiscal Year 2021.

The bill clarifies that taxpayers who would typically file a return, 16 report, or make a payment for the gross income tax or the 17 corporation business tax by an original due date of April 15, 2020 18 will be granted an automatic extension to July 15, 2020. Taxpayers 19 will not be subject to penalties or interest if the taxpayer files a 20 return, report, or makes a payment by the end of the extension. 21

Provisions governing the payment of interest for overpayments 22 are extended for six months after the conclusion of the state of 23 emergency declared by the Governor pursuant to Executive Order 24 No. 103 of 2020, or any extension thereof, or within six months 25 after the return is filed, whichever is later. The bill also extends the 26 statute of limitations to assess taxes by 90 days following the 27 conclusion of the state of emergency.”

You can read the full text of the bill here:

Source: https://www.njleg.state.nj.us/2020/Bills/S2500/2338_I1.PDF