S 1116 New Jersey Senate · 2024-2025 Regular Session

Imposes tax on high-quantity processors of financial transactions at $0.0025 per transaction.

This bill imposes a $0.0025 (quarter of a cent) tax on entities processing 10,000 or more financial transactions annually through electronic infrastructure located in New Jersey. It directly affects high-volume financial transaction processors (like stock exchanges or trading platforms), not end-users. The tax applies per transaction involving securities - such as stocks, futures, options, or derivatives - and ensures only the first processor of a transaction is taxed to prevent double taxation. The tax must be paid monthly to the state, with rules managed by the Division of Taxation.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Commerce Committee
upper
1 primary · 0 co-sponsors

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Role
Legislator
Party
State
District
P
Photo of John McKeon
John McKeon
DDemocratic
NJ
27