The New Jersey State Assembly has passed a bill to potentially provide tax relief to New Jersey taxpayers due to the current COVID-19 pandemic. The bill’s tax relief would be contingent on the Internal Revenue Service issuing similar tax relief. The proposed tax relief would allow for an automatic extension of individual and corporate tax returns along with tax payments upon IRS action. The relief would allow for extension potentially until June 30, 2020. Taxpayers taking advantage of this relief would not be subject to any interest or penalties on the delayed payments.
The next step for this legislation is to be reviewed by the State Senate and potentially be voted upon. It is unclear if the Senate will pass this bill in its current form or would look to modify it or add additional relief. Once approved, the bill would be sent to Governor Murphy for signature to enact.
We will continue to keep you updated as additional information becomes available.