Reduces CBT rate; retroactive to January 1, 2020.

This bill reduces New Jersey's Corporation Business Tax (CBT) rate from 9% to 2.5% for all corporations doing business in the state, retroactive to January 1, 2020. The 2.5% rate applies to all CBT taxpayers with privilege periods ending after December 31, 2019, and becomes permanent. A "privilege period" refers to the 12-month accounting period for which businesses pay tax for operating in New Jersey. The change lowers the tax burden for affected corporations by significantly reducing the tax rate they pay on income.