Title 54, Title 54: TAXATION

54:8A-40. Items not deductible In computing net income and net capital gain no deduction shall in any case be allowed in respect of: a. Personal, living, or family expenses. b. Any amount paid out for new buildings or for permanent improvements or betterments made to increase the…

54:8A-41. "Capital assets" defined The words "capital assets" mean property held by the taxpayer (whether or not connected with his trade or business), but do not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory …

54:8A-42. Basis of property; gain or loss from sale or other disposition of property (a) The basis of property, except as otherwise provided in this act, shall be the cost of such property. (1) If the property should have been included in the last inventory, the basis shall be th…

54:8A-43. Agreements with taxpayer relating to liability The Division of Taxation is authorized to enter into a written agreement with any taxpayer relating to the liability of such taxpayer in respect of any tax, fee, penalty or interest heretofore or hereafter imposed by this a…

54:8A-44. Persons required to file (a) On or before the filing date prescribed in section 18 (C. 54:8A-18) of this act, an income tax return shall be made and filed by or for every individual having a gross income derived from sources within his source state in excess of the sum …

54:8A-46. Actions for collection of tax (a) At the request of the Division of Taxation, the Attorney General may bring suit, in the name of this State, in the appropriate court of any other State to collect any tax legally due this State under this act. (b) The courts of this Sta…

54:8A-47. Payment of tax; signing of documents; certification of statements (a) A person required to make and file a return under this act shall, without assessment, notice or demand, pay any tax due thereon to the Division of Taxation on or before the date fixed for filing such …

54:8A-48. Taxable year; method of accounting (a) A taxpayer's taxable year under this act shall be the same as his taxable year for Federal income tax purposes. (b) If a taxpayer's taxable year is changed for Federal income tax purposes, his taxable year for purposes of this act …

54:8A-49. Withholding return (a) Every employer required to deduct and withhold tax under this act shall, for each calendar quarter, on or before the last day of the month following the close of such calendar quarter, file a withholding return as prescribed by the Division of Tax…

54:8A-5. "Critical area state" defined; legislative findings; certification of state highway commissioner; publication (a) "Critical area State" means this State and such other State bordering thereon within which there exists part of an area, another part of which is in this Sta…

54:8A-50. Liability of employer required to withhold tax; special fund; right of action against employer Every employer required to deduct and withhold tax under this act is hereby made liable for such tax. For such purposes any amount required to be withheld and paid over to the…

54:8A-51. Failure of employer to deduct and withhold tax or to pay tax withheld (a) If an employer fails to deduct and withhold tax as required, and thereafter the tax against which such tax may be credited is paid, the tax so required to be deducted and withheld shall not be col…

54:8A-52. Reciprocity credit; relief from withholding If it shall appear to the satisfaction of the division, based upon an opinion of the Attorney General of this State, that any person whose wages, salaries or commissions are subject to deduction and withholding are liable for …

54:8A-53. Delinquent return or taxes; penalties; interest; abatement or remission Any taxpayer who shall fail to file his return when due or to pay any tax when the same becomes due, as herein provided, shall be subject to such penalties and interest as provided in the State Tax …

54:8A-54. Applicability of State Tax Uniform Procedure Law The taxes imposed by this act shall be governed in all respects by the provisions of the State Tax Uniform Procedure Law, R.S. 54:48-1 et seq., except only to the extent that a specific provision of this act may be in con…

54:8A-55. Administration; determination of amount of tax due (a) The Division of Taxation in the Department of the Treasury shall administer the provisions of this act, adopt regulations necessary or desirable to effectuate its purposes or to make explicit the treatment of variou…

54:8A-56. Exercise of powers and duties of Division of Taxation by director All the powers, duties and responsibilities vested in the Division of Taxation by this act shall be exercised by the director thereof or his duly designated representative. L.1961, c. 32, p. 155, s. 56, e…

54:8A-57. Effective date; suspension of tax; cessation This act shall take effect immediately, but the tax imposed hereby, and the obligation to pay the same as well as the obligation to deduct and withhold shall be suspended and inoperative in the event that any of the moneys in…

54:8A-58. Short title This act shall be known and referred to by its short title, the "Transportation Benefits Tax Act." L.1971, c. 222, s. 1, approved June 17, 1971.

54:8A-59. Imposition of tax; levy; collection; payment A temporary tax is hereby imposed, and shall be levied, collected and paid annually, at the rate specified in this act, (a) upon every resident of this State, who is not a resident of another critical area state under and pur…

54:8A-6. Rates; computation of tax upon entire net income (a) (Deleted by amendment.) P.L.1972, c. 12. (b) For taxable years ending after December 31, 1971 through and including those ending in 1977, the tax imposed by this act upon entire net income shall be computed at the foll…

54:8A-6.1. Minimum income tax on minimum taxable income of each individual In addition to the tax imposed under section 2 (C. 54:8A-2), a minimum income tax determined in accordance with the rate set forth in subsection (e) of section 6 (C. 54:8A-6) is hereby imposed for each tax…

54:8A-6.2. Minimum taxable income (a) The minimum taxable income shall be the sum of the items of tax preference, as described in subsection (b) of this section, reduced (but not below zero) by the aggregate of the following: (1) The applicable specific deduction described in sub…

54:8A-6.3. Tax surcharge (a) In addition to the taxes imposed by sections 6(c) (C. 54:8A-6(c)) and 6(e) (C. 54:8A-6(e)), there is hereby imposed on the income of every taxpayer for the taxable years ending after December 31, 1971 and commencing on or before December 31, 1976 a ta…

54:8A-6.4. Maximum tax rate on personal service income (a) If for any taxable year beginning in 1978 and thereafter an individual has personal service entire net income which exceeds the amount of entire net income specified in paragraph (1) of this subsection, the tax determined…

54:8A-60. Rate of tax The tax imposed by this act shall be levied and imposed annually upon each taxpayer at the rate of 2.0% upon each of the classes of income hereinafter enumerated in section 16 (C. 54:8A-73). L.1971, c. 222, s. 3, approved June 17, 1971. Amended by L.1971, c.…

54:8A-61. Definitions (a) "Critical area state" means this State and such other state bordering thereon within which there exists part of an area, another part of which is in this State, and within which area there is, as of January 1 of any year, a severe transportation problem …

54:8A-62. "Derived from sources within" defined "Derived from sources within" one state or another, as applied to the classes of income enumerated in section 16 (C. 54:8A-73), means such income and gain from all property owned and from salaries, wages, or compensation for persona…

54:8A-63. "Source state" defined "Source state" means, in the case of residents of this State, a critical area state other than the State of New Jersey; and in the case of nonresidents of this State who are residents of another critical area state, the term means the State of New…

54:8A-64. Resident individual "Resident individual" means an individual who is domiciled in this State unless he maintains no permanent place of abode in this State and does maintain a permanent place of abode elsewhere and spends in the aggregate not more than 30 days of the tax…

54:8A-65. Nonresident individual "Nonresident individual" means any individual who is not a resident of this State. L.1971, c. 222, s. 8, approved June 17, 1971; expired December 31, 1980 pursuant to L.1971,c.222,s.62.

54:8A-66. "Taxpayer" defined "Taxpayer" means any person subject to a tax imposed by this act, or whose income is in whole or in part subject to a tax imposed by this act, and does not include corporations. L.1971, c. 222, s. 9, approved June 17, 1971; expired December 31, 1980 p…

54:8A-69. "Eligibility year" defined "Eligibility year" means the calendar year in which the taxable year of the taxpayer begins. L.1971, c. 222, s. 12, approved June 17, 1971; expired December 31, 1980 pursuant to L.1971,c.222,s.62.

54:8A-7. Gross income defined; manner of computing The term "gross income" means the total of a taxpayer's gains, losses, profits and income derived from sources within his source State. Gross income shall be computed in accordance with the provisions of section 32 or section 36 …

54:8A-70. "Taxable year" ; "annual accounting period" and "calendar year" defined (a) The term "taxable year" means: (1) The taxpayer's or claimant's annual accounting period; if it is a calendar year or a fiscal year; (2) the calendar year; (A) If the taxpayer keeps no books; or…

54:8A-71. "Partnership" defined "Partnership" includes all forms of unincorporated organization other than an estate or trust or a corporation through or by means of which any business, financial operation or venture is carried on or liquidated. L.1971, c. 222, s. 14, approved Ju…

54:8A-73. "Taxable income" defined The classes of taxable income are as follows: (a)(1) Compensation. All salaries, wages, commissions, bonuses and incentive payments whether based on profits or otherwise, fees, tips and similar remuneration received for services rendered whether…

54:8A-74. Division and director defined As used in this act "division" means the Division of Taxation in the Department of the Treasury and "director" means the Director of said Division of Taxation. L.1971, c. 222, s. 17, approved June 17, 1971; expired December 31, 1980 pursuan…

54:8A-75. Allocated income defined "Allocated income" means that portion of each class of a taxpayer's income derived from sources within his source state. L.1971, c. 222, s. 18, approved June 17, 1971. Amended by L.1971, c. 354, s. 6; expired December 31, 1980 pursuant to L.1971…

54:8A-77. Inclusions in and exclusions from income (a) Income from intangible personal property, including annuities, dividends, interest, and gains from the disposition of intangible personal property, shall constitute income derived from sources within the taxpayer's source sta…

54:8A-8. "Taxpayer" defined "Taxpayer" means any person subject to a tax imposed by this act, or whose income is in whole or in part subject to a tax imposed by this act, and does not include corporations. L.1961, c. 32, p. 129, s. 8, eff. May 29, 1961. Amended by L.1962, c. 70, …

54:8A-84. Apportionment and allocation If a business, trade, profession, or occupation is carried on partly within and partly without this State, the items of income and deduction derived from or connected with sources within this State shall be determined by apportionment and al…

54:8A-9. Standard deduction (a) Any taxpayer may elect to deduct 10% of his gross income, or $1,000.00, whichever is less, in lieu of all deductions otherwise permitted under this act. The deduction provided for by this section shall become known as the "standard deduction." For …

54:8A-91. Procedure when inventories necessary to compute tax Whenever the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the regulations hereunder may prescribe, conforming …

54:8A-92. Basis of property (a) The basis of property, except as otherwise provided in this act, shall be the cost of such property. (1) If the property should have been included in the last inventory, the basis shall be the last inventory value thereof. (2) The basis of property…

54:8A-93. Individuals of partnership liable for tax; computing; liquidation payments (a) Individuals carrying on business in partnerships shall be liable for tax under this act only in their individual capacity. Each partner shall include in his income his distributive share, whe…