Tax News
Post details: New Jersey --Personal Income Tax: Rate for Composite Returns Explained
08/06/09
New Jersey --Personal Income Tax: Rate for Composite Returns Explained
CCH (cch.taxgroup.com) reports:
Although New Jersey requires that gross (personal) income tax be imposed at the highest rate on a composite return (NJ-1080C) filed by pass-through entities on behalf of their nonresident owners, the Division of Taxation is allowing the use of two rates in order to encourage nonresident individuals to elect to participate in a composite return. As a result of Ch. 69 (A.B. 4102), Laws 2009, which increased the personal income tax rate on high-income taxpayers, 2009 composite return filers may continue to apply the 6.37% rate for participating individuals with New Jersey sourced income of less than $250,000 each. However, the new highest rate of 10.75% is applied to participants with New Jersey sourced income of $250,000 or more.
Notice , New Jersey Division of Taxation, August 4, 2009
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