New Jersey Enacts Legislative Fix for Business Alternative Income Tax
Withum
JANUARY 19, 2022
Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit.
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