11. Except as otherwise provided by P.L.2019, c.320 (C.54A:12-1 et al.), an S corporation as such shall not be subject to the tax imposed by the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., but the S corporation income, dividends, and gain of a shareholder of an S corporation shall be subject to the tax, and the tax shall be imposed on the shareholder's pro rata share, whether or not distributed, of the S corporation income for its taxable year ending within or with the shareholder's taxable year.
N.J. Stat. Ann. § 54A:5-9
S corporation tax exemption
Applied in 1 court decision — leading case Tarrant v. Department of Taxes (1999)
Most recently applied in Tarrant v. Department of Taxes (April 1999)
L.1993, c.173, s.11; amended 2019, c.320, s.9.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.