Temporarily lowers corporation business tax rate for five years and repeals corporation business surtax.

Bill A 860 temporarily lowers New Jersey's corporate tax rate from 9% to 7.5% for five tax years (starting in 2027) and repeals the separate 2.5% corporation business surtax. It directly affects most corporations and partnerships with annual net income under $100,000, reducing their tax burden by eliminating the surtax and lowering the base rate. The bill applies to tax years beginning January 1, 2027, through 2031, and is pending before the Assembly Commerce Committee. This is a concrete tax rate change, not a procedural measure, affecting business tax obligations.