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
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
1
Key actions
0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Commerce Committee
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
John McKeon
DDemocratic
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