New Jersey Extends Certain Tax Filings due April 15, 2020.
On April 14, 2019, Governor Murphy signed P.L.2020, c.___ (A3918) extending to July 15, 2020 the deadline for Gross Income Tax (GIT) and Corporation Business Tax (CBT) filings and payment ordinarily due April 15, 2020. The new law aligns New Jersey with the new federal deadline announced late last month.
The new law also extends to July 15 the deadline for quarterly GIT and CBT payments ordinarily due April 15. Second quarter installment payments remain due on June 15.
Taxpayers will not be subject to penalties or interest if the taxpayer files a return, report, or makes a payment by the end of the extension.
The new law does not extend the time for filing returns due under any other state tax or local taxes, including real property taxes. All other tax filing deadlines are unchanged.
Provisions governing the payment of interest for overpayments are extended for six months after the conclusion of the state of emergency declared by the Governor under Executive Order No. 103 of 2020, or any extension thereof, or within six months after the return is filed, whichever is later. The new law extends the statute of limitations to assess taxes by 90 days following the conclusion of the state of emergency.
Additionally, the new law extends State Fiscal Year 2020 to from June 30, 2020 to September 30, 2020. The new law also requires the State Treasurer to report by May 22, 2020 on the financial condition of the budget for Fiscal Years 2020 and 2021 and requires the Governor to submit a revised budget proposal for Fiscal Year 2021 by August 25, 2020.
As listed by the Division of Taxation, GIT and CBT returns due by April 15, 2020 are:
- Corporation Business Tax
- CBT-100 or CBT-100S – Annual return for accounting periods ending December 31
- CBT-150 – Installment payment of estimated tax for first quarter of current tax year (CBT—150 – Estimated Payments (2nd Quarter) remains due June 15, 2020.
- CBT-200-T– Tentative return and application for extension of time to file corporation business tax return for calendar year filers. Extension period is 6 months (5 months for banking and financial business corporations)
- CBA-1 – Notice of Business Activities report by foreign corporations with periods ending December 31
- BFC-1 – Banking and Financial Corporation
- Gross Income Tax (Individual)
- NJ-1040 – Resident return
- NJ-1040-HW – Property Tax Credit/Wounded Warrior Caregivers Credit application
- NJ-1040NR – Nonresident return
- NJ-1040-ES – Installment payment of estimated tax for first quarter of current tax year (NJ-1040ES – Estimated Payments (2nd Quarter) remains due June 15, 2020
- NJ-1041 – Fiduciary return for calendar year filers
- NJ-1080C – Composite nonresident return
- NJ-630 – Application for extension of time to file resident, nonresident, or fiduciary return.
- Extension period is 6 months for NJ-1040, NJ1040NR, and NJ-1080C; 5½ months for NJ-1041
- Partnerships
- NJ-1065 – Partnership return for calendar year filers
- PART-200-T – Partnership application for extension of time to file NJ-1065 for calendar year filers. Extension period is 5 months
- NJ-CBT-1065 – Partnership return for calendar year filers
- CBT-206 – Partnership application for extension of time to file NJ-CBT-1065 for calendar year filers. Extension period is 5 months
The Division’s Due Dates page lists all returns and updated due dates.
Due to the delayed design of 2019 CBT returns (Forms CBT-100, CBT-100U, BFC-1, BFC-1-F, and CBT-100S), taxpayers with accounting periods ending between July 31, 2019, and November 30, 2019, were granted an automatic extension to file their tax returns by April 15, 2020. The new laws extension does not apply to these returns. A taxpayer will not be charged late filing penalties if these returns are filed by the April 15, 2020, extended due date. The extension applies only to filing the return and did not extend the time to make all required payments.