New Jersey Tax FAQs

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New Jersey Tax Forms

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New Jersey Corporate Taxes

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• New Jersey Tax Rates & Brackets:
  
  6.76%> $0
  7.8%> $50,000
  9.36%> $100,000
  
• Loss Carry-back/fwd: 0 Years Back / 7 Years Forward (Unlimited)
• Throwback Sales?: N
• Foreign Tax Deductible?: N
• Alternative Minimum Tax (AMT): N
• Gross Receipts Tax: N
• Capital Stock (Net Worth) Tax?: N

New Jersey Tax Incentives and Credits

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• Job Credits?: Y
• R&D Credits?: Y
• Investment Credits?: Y

New Jersey Individual Income Taxes

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• New Jersey tax rates and brackets:
  
  1.4%> $0
  1.75%> $20,000
  3.5%> $35,000
  5.525%> $40,000
  6.37%> $75,000
  8%> $400,000
  10.25%> $500,000
  10.75%> $1,000,000
  
• Local Option IT Rate: 0.09%
• Federal Inc used as Base?: N
• Standard Deductions: Single N/A / Joint N/A
• Personal Exemptions/Credits (c): Single $1,000 / Joint $2,000 / Dependent $1,500
• Federal Tax Deductible?: N
• State Tax Deductible?: Y
• Alternative Minimum Tax (AMT)?: N

New Jersey Estate, Gift and Inheritance Taxes

• taxmOuth New Jersey Estate and Gift Taxes
• Gift Tax?: N
• Estate Tax?: Decoupled
• Inheritance Tax?: Y
• Generation-Skipping Tax?: N

New Jersey Miscellaneous Taxes

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• Gas Tax: 14.5 cents/gallon
• Diesel Tax: 17.5 cents/gallon
• Cigarette Tax: 270.0 cents/20 pack

New Jersey Pass-through Tax Treatment

• taxmOuth New Jersey Pass-through Entity Tax
• LLC Pass-through Recognized?: Partial
• S-Corp Pass-through Recognized?: Y

New Jersey Payroll Taxes

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• Unemployment Insurance Tax Index (TaxFoundation.org): #25

New Jersey Property Taxes

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• Median Tax Paid on Homes (Rank): $6,320 (#1)
• Median Value of Homes: $364,100
• Tax as % of Home Value (Rank): 1.74% (#2)
• Median Income of Homeowner: $90,010
• Tax as % of Income (Rank): 7.02% (#1)

New Jersey Sales and Use Taxes

• taxmOuth New Jersey Sales and Use Taxes
• State Rate: 7.00%
• County & City (Weighted Ave): None
• Combined State and Ave. Local Rates (Rank): 7.00% (#19)
• General Treatment of Services: Many Taxable
• Gasoline: Exempt
• Groceries: Exempt