New Jersey will automatically treat federal S corporations as New Jersey S corporations, effective for periods beginning on or after December 22, 2022. Historically, the New Jersey.
On December 22, 2022, New Jersey enacted P.L. 2022, c. 133, which changed the Corporation Business Tax and Gross Income Tax procedures for S corporations. Most significantly, for.
NJ law P.L.2022, c.133 provides that a taxpayer that qualifies as an S corporation or a Qualified Subchapter S Subsidiary for federal tax purposes no longer needs to make a separate S corporation or QSSS election for New Jersey tax purposes. Guidance on shareholder consent