Eliminates $375 minimum Corporation Business Tax on New Jersey S corporations with New Jersey gross receipts of less than $100,000.

This bill eliminates a $375 minimum Corporation Business Tax (CBT) payment that New Jersey S corporations with less than $100,000 in New Jersey gross receipts currently must pay. Under current law, these small S corporations pay this fixed minimum tax regardless of their actual income level. The bill would remove this requirement, so qualifying businesses would only pay taxes based on their actual income rather than a fixed minimum. This change would directly affect small S corporations in New Jersey with relatively low gross receipts, potentially reducing their tax burden.