52:27H-76 - Corporation business tax exemption - New Jersey Statutes

52:27H-76.  Corporation business tax exemption
    Any qualified business subject to the provisions of the  "Corporation Business Tax Act (1945),"  P.L.1945, c. 162 (C. 54:10A-1 et seq.), as employing  a larger number of persons at a place of business located within an enterprise  zone designated pursuant to this act than at all other places of business of  the taxpayer within the State, shall be exempt from the net worth tax imposed  pursuant to subsection (a) of section 5 of P.L.1945, c. 162 (C. 54:10A-5(a)),  and from the tax imposed by subsection (f) of that section (C. 54:10A-5(f)),  for a period of 20 tax years from the date of designation of the enterprise  zone, or for a period of 20 tax years from the date upon which the taxpayer is  first subject to the provisions of the "Corporation Business Tax Act (1945),"  P.L.1945, c. 162 (C. 54:10A-1 et seq.), whichever date is later.  The  termination of the designation of an enterprise zone at the end of a 20 year  designation period shall not terminate the exemption provided under this  section if the exemption was granted prior to the end of the designation  period.  The provisions of this section are subject to the phase-out provisions  of P.L.1982, c. 55 (C. 54:10A-4 et seq.).

     L.1983, c. 303, s. 17, eff. Aug. 15, 1983.