54:10A-38 - Financial business corporations; revenues from taxes, penalties and interest; apportionment to governmental units; certification; payment - New Jersey Statutes

54:10A-38.  Financial business corporations;  revenues from taxes, penalties  and interest;  apportionment to governmental units; certification; payment
    The aggregate amount of tax, penalty and interest payable by financial business corporations pursuant to this act shall upon payment be distributable among the State, the various taxing districts and counties in which taxpayers hereunder have maintained places of business at any time during the tax year. On or before November 1 in each year the director shall determine from receipts allocations contained in tax returns filed subsequent to June 30 of the previous calendar year and prior to July 1 of the current year the aggregate amount of tax, penalty and interest attributable to places of business located in each of the various taxing districts of this State during the tax year.  The tax, penalty and interest collected by the director shall be  apportioned one-half to the State, one-quarter to such county and one-quarter  to the taxing districts in which the financial business corporation has an  office or offices.  Each county shall be entitled to receive out of the  one-quarter allocated to the counties that proportion thereof which the  receipts at all offices of such financial business corporations in such county  during the taxpayers' fiscal or calendar year accounting period bear to the  total receipts of all offices of such financial business corporations in this  State during the taxpayers' fiscal or calendar year accounting period.  Each  taxing district is entitled to that proportion of one-quarter of the tax  collected by the director as the receipts at all offices of such financial  business corporations in such district during the taxpayers' fiscal or calendar  year accounting period bear to the total receipts of all offices of such financial business corporations in such county during the taxpayers' fiscal or  calendar year accounting period.  The director shall forthwith certify such  apportionment to the State Treasurer who shall upon proper audit transmit to  each county treasurer a certificate showing the amounts allocated to the taxing  district therein and shall on or before November 10 of the year in which the  taxes are payable draw and transmit his warrant upon the State Treasurer in  favor of the several county treasurers for the amounts allotted to their  several counties.  Each county treasurer shall forthwith and not later than  December 15 pay to the collector or other proper officer of each taxing  district the amount allotted thereto deducting, however, the amount due for  county taxes from the taxing district. The amount thus paid to the county and  taxing district shall be at the disposal of the proper authorities for public  purposes.

     L.1975, c. 171, s. 8, eff. Aug. 4, 1975.