Bill Text: NJ S2300 | 2020-2021 | Regular Session | Introduced
Bill Title: Automatically extends time to file gross income tax or corporation business tax return if federal government extends filing or payment due date for federal returns.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-03-19 - Substituted by A3841 [S2300 Detail]
Download: New_Jersey-2020-S2300-Introduced.html
Sponsored by:
Senator PATRICK J. DIEGNAN, JR.
District 18 (Middlesex)
Senator PAUL A. SARLO
District 36 (Bergen and Passaic)
SYNOPSIS
Automatically extends time to file gross income tax or corporation business tax return if federal government extends filing or payment due date for federal returns.
CURRENT VERSION OF TEXT
As introduced.
An Act automatically extending the time to file a gross income tax or corporation business tax return if the federal government extends the filing or payment due date for federal returns.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Following a determination by the federal Internal Revenue Service to extend the filing or payment due date, or both, for federal taxpayers who are required to file a federal return on or before April 15, 2020, a taxpayer required to make and file an annual return or quarterly return pursuant to the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., or the "Corporation Business Tax Act (1945)," P.L.1945, c.162 (C.54:10A-1 et seq.), on or before April 15, 2020, shall automatically receive an extension to file those returns which extension shall coincide with the extended due date established by the federal Internal Revenue Service; provided, however, the extended due date shall be no later than June 30, 2020. The Director of the Division of Taxation may adopt the same terms and conditions specified by federal law or regulation for any such filing extension or payment due date. A taxpayer shall not be subject to penalties or interest if the return is filed by the end of the extension.
2. This act shall take effect immediately.
STATEMENT
This bill automatically extending the time to file a gross income tax or corporation business tax return if the federal government extends the filing or payment due date for federal returns.
Most annual gross income tax and corporation business tax returns are due on or before April 15 following the close of a calendar year or accounting period. Certain taxpayers are also required to make quarterly estimated payments around that timeframe. The bill would automatically grant an extension for those taxpayers if the federal government grants an extension and would not impose penalties or interest if the taxpayer files a return by the end of the extension. The extended due date would be no later than June 30, 2020.
The sponsor's intent is to provide relief to taxpayers that may be impacted by the COVID-19 pandemic and may not have the ability to file their tax returns on time or settle tax payments.
