Tax Law

Governor Phil Murphy has signed into law S2338, the much-anticipated bill extending certain tax filing and payment deadlines in response to the COVID-19 outbreak.  The bill passed both houses of the New Jersey State Legislature unanimously on April 13.  The details of the bill are as follows:

• The deadline to file New Jersey Gross Income Tax (GIT) and Corporation Business Tax (CBT) returns and make associated payments has been extended to July 15, 2020.  This includes annual returns and payments for 2019 and estimated payments for the first quarter of 2020.
• Taxpayers taking advantage of this automatic extension will not be subject to penalties or interest if they file their returns and pay any tax due by July 15.
• The bill also extends the State’s fiscal year end to September 30, 2020, but permits municipalities to continue to operate on the basis a June 30^th fiscal year end.

The filing and payment extensions apply only to GIT and CBT, and not to other state taxes such as sales, inheritance or payroll taxes.  In addition, the extensions do not apply to estimated payments for the second quarter of 2020, which continue to be due on June 15, 2020.

Please contact Robert Daleo, Jason Navarino or Hannah Greendyk of our Tax Department if you have any questions about how these changes affect you.