Section 54:10A-15 - Annual tax payable; manner of paymentThe tax imposed by this act shall be due and payable annually hereafter, commencing with the calendar year 1959, in the manner provided under subsection (a), (b) or (c) of this section, whichever shall be applicable.
(a) Every taxpayer shall annually pay a franchise tax, with respect to all or any part of each of its fiscal or calendar accounting years beginning after January 1, 1959, to be computed as herein provided, for such fiscal or calendar accounting year or part thereof, on a report which shall be filed on or before April 15 next succeeding the close of each such accounting year, or, if any such fiscal year ends after the last day of December and prior to July 1, on or before the fifteenth day of the fourth month after the close of such fiscal year, and the full amount of the tax hereunder shall be due and payable on or before the date prescribed herein for the filing of the return.(b) Every taxpayer shall pay a like franchise tax with respect to all or any part of the period beginning January 1, 1959 and extending through any subsequent part of its first fiscal or calendar accounting year ending after said date. Such tax shall be computed as herein provided, for each and every fiscal or calendar accounting year or part thereof begun not earlier than July 2, 1957 and ending not later than December 31, 1959 on the basis of which a franchise tax has not accrued under this act prior to January 1, 1959. The tax imposed pursuant to this subsection shall be deemed a single tax for such period but shall be computed separately with respect to each such fiscal or calendar accounting year or part thereof on the basis of which a franchise tax has not previously accrued as aforesaid, on a report which shall be filed on or before April 15, next succeeding the close of each such accounting year, or, if any such fiscal year ends after the last day of December and prior to July 1, on or before the fifteenth day of the fourth month after the close of such fiscal year, and the full amount of the tax hereunder shall be due and payable on or before the date prescribed herein for the filing of the report.(c) With respect to all or any part of each of its privilege periods ending after June 30, 1967, every taxpayer shall annually pay a franchise tax on a report which shall be filed on or before the fifteenth day of the fourth month after the close of such privilege period, or part thereof, and the full amount of the tax hereunder shall be due and payable on or before the date prescribed herein for the filing of the return; provided, however, that for privilege periods ending on and after July 31, 2020, but before July 31, 2023, the due date of the New Jersey return shall be 30 days after the original due date for filing the taxpayer's federal corporate income tax return for such privilege period, or part thereof, and for privilege periods ending on and after July 31, 2023, the due date of the New Jersey return shall be (1) the fifteenth day of the month immediately following the month of the original due date for filing the taxpayer's federal corporate income tax return for such privilege period, or part thereof, or (2) in the case of a taxpayer that received an extension to file for federal tax purposes, the fifteenth day of the month immediately following the month of the extended due date for filing the taxpayer's federal corporate income tax return for such privilege period, or part thereof. The full amount of the tax hereunder shall be due and payable on or before the date prescribed herein for the filing of the return.(d) With respect to its fiscal or calendar accounting years ending after February 29, 1968 and prior to March 1, 1969, every taxpayer shall pay as a partial payment of franchise tax in addition to the tax payable under subsection (c) of this section, an amount equal to one-quarter of the tax payable under said subsection (c). With respect to each of its fiscal or calendar accounting years ending after February 28, 1969, every taxpayer shall annually pay as a partial payment of franchise tax in addition to the tax payable under subsection (c) of this section, an amount equal to one-half of the tax payable under said subsection (c). In the calculation of the tax pertaining to each succeeding accounting period, due in accordance with subsection (c) hereof, every taxpayer shall be entitled to a credit in the amount of the tax paid under this subsection (d) as a partial payment and shall be entitled to the return of any amount so paid which shall be found in excess of the total amount payable in accordance with said subsection (c) and this subsection (d).(e) With respect to its fiscal or calendar accounting years ending on or after June 30, 1974, every taxpayer shall annually pay as a partial payment of franchise tax in addition to the tax payable under subsection (c) of this section, an amount equal to 60% of the tax payable under said subsection (c). In the calculation of the tax pertaining to each succeeding accounting period, due in accordance with subsection (c) hereof, every taxpayer shall be entitled to a credit in the amount of the tax paid under this subsection (e) as a partial payment and shall be entitled to the return of any amount so paid which shall be found to be in excess of the total amount payable in accordance with said subsection (c) and this subsection (e).(f) With respect to its privilege periods ending on or after December 31, 1984, in addition to the tax payable under subsection (c) of this section, every taxpayer, except a taxpayer with gross receipts of $50,000,000 or more for the prior privilege period, which shall make installment payments pursuant to subsection (g) of this section, shall make installment payments of its franchise tax at the following times and in the following amounts of its estimated tax for its current fiscal or calendar accounting year: (1) 25% thereof paid on or before the fifteenth day of the fourth month thereof;(2) 25% thereof paid on or before the fifteenth day of the sixth month thereof;(3) 25% thereof paid on or before the fifteenth day of the ninth month thereof; and(4) the balance thereof paid on or before the fifteenth day of the twelfth month thereof.(g) With respect to its privilege periods beginning on or after January 1, 2003, in addition to the tax payable under subsection (c) of this section, every taxpayer with gross receipts of $50,000,000 or more for the prior privilege period shall make installment payments of its franchise tax at the following times and in the following amounts of its estimated tax for its current privilege period:(1) 25% thereof paid on or before the fifteenth day of the fourth month thereof;(2) 50% thereof paid on or before the fifteenth day of the sixth month thereof; and(3) the balance thereof paid on or before the fifteenth day of the twelfth month thereof.(h) In the calculation of the tax due in accordance with subsection (c) hereof, a taxpayer shall be entitled to a credit in the amount of the tax paid under subsection (f) or subsection (g) of this section as a partial payment and shall be entitled to the return of any amount so paid which is in excess of the total amount payable in accordance with subsection (c) and this subsection.(i) For the purpose of this act, every taxpayer shall use the same calendar or fiscal year upon which it reports to the United States Treasury Department for Federal Income Tax purposes.Amended by L. 2023, c. 96, s. 8, eff. 7/3/2023.Amended by L. 2020, c. 118, s. 12, eff. 11/4/2020, app. retroactively to privilege periods ending on and after December 31, 2019.L.1945,c.162,s.15; amended 1947, c.50, s.6; 1958, c.63, s.7; 1966, c.134, s.3; 1968, c.112, s.2; 1975, c.21; 1981, c.184, s.1; 2002 c. 40, s. 13.See L. 2002, c. 40, s. 28, which provides, "Notwithstanding the provisions of section 3 of P.L. 1981, c.184 (C.54:10A-15.2) and subsections b. and d. of section 5 of P.L. 1981, c.184 (C.54:10A-15.4) to the contrary, the amount of underpayment of the installment payment by the taxpayer for the payment required pursuant to paragraph (4) of subsection (f) of section 15 of P.L. 1945, c.162 (C.54:10A-15) for the privilege period of the taxpayer beginning in calendar year 2002 shall be equal to the excess of the amount of the installment payment which would be required to be paid if the installment payment were to equal 25% of the tax computed at the rates applicable to the current privilege period on the basis of the facts to be shown on the return of the taxpayer for, and the law applicable to, the current privilege period over the amount, if any, of the installment paid on or before the last date prescribed for that payment."