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COVID-19 Fiscal Mitigation Act Extends Due Dates, Payment of Interest, and Tax Assessments
On April 14, 2020 Governor Murphy signed into law the "COVID-19 Fiscal Mitigation Act" (P.L. 2020, c.19) that automatically extends the due date to July 15, 2020, for certain tax filings and payments originally due on April 15, 2020. In addition, the Act impacts the payment of interest on refunds for all taxes and the timeframe for the Division to make assessments of all taxes.
Extension of Time to File and Pay
Individual Gross Income Tax, Partnership, and Corporation Business Tax calendar year filers now have until July 15 to file and pay these taxes, including estimated tax payments due on April 15. Penalties and interest will not be imposed on the balance of tax due between the original due date and the extended due date for returns and/or payments submitted by July 15, 2020.
Payment of Interest on Refunds
The Division pays interest on refunds that are issued six months after the date the refund claim was filed, the tax was paid, or the due date of the return, whichever is later ("the original interest payment period"). This provision applies to all taxes administered by the Division. The new law extends the original interest payment period by an additional six months after the COVID-19 state of emergency has been lifted ("the extended interest period"). If the original interest payment period ended prior to April 14, 2020 (the effective date of the new law), the payment of interest on the refund will not be affected by the new law. If the original interest payment period ends on or after April 14, 2020, interest will be paid if the refund is issued after the original interest period or the extended interest period, whichever is later.
Assessment on Tax
There is a statutorily prescribed time limit for the Division to audit and/or make assessments on tax returns ("the original assessment time period"). For most taxes, the original assessment time period is within 4 years of the date that a tax return was filed. The original assessment time period is shorter for Gross Income Tax returns, which must be assessed within 3 years of the date that a tax return was filed. A taxpayer may consent to an additional period of time beyond the 3 or 4 year period ("the consent period"). The new law extends both the original assessment time period and the consent period by an additional 90 days after the COVID-19 state of emergency has been lifted ("the extended assessment time period")
Therefore, if either the original assessment time period or the consent period ends on or after April 14, 2020, the Division can make an assessment on or before the expiration of the extended assessment time period under the new law. If the original assessment time period or the consent period ends before April 14, 2020, the Division would be out of time to make an assessment for the returns(s) that are beyond the 3 or 4 year time period.
All other returns and payments are due on their original due date (including 2nd quarter estimated tax payments For calendar year filers).
This page was last updated on Tuesday, April 28, 2020.
Trust Fund Taxes
Taxes collected by a business and held in "trust" for the State. When collected, trust fund taxes are not the property of a business and should not be used for the business’ own use. A business simply remits these funds, collected from a consumer or withheld for an employee, to New Jersey. Since the business would have already collected or withheld these amounts there will be no extension granted.
For calendar year filers, the due date is extended to November 16th. This extension also applies to short period returns with an original due date of April 15th.
Information on extensions for fiscal filers is available here.
For calendar year filers, the due date is extended to November 16th. This extension also applies to short period returns with an original due date of April 15th.
Information on extensions for fiscal filers is available here.
For calendar year filers, the due date is extended to November 16th. This extension also applies to short period returns with an original due date of April 15th.
Information on extensions for fiscal filers is available here.
Filers required to make estimated payments that were originally due and payable on April 15, 2020, have until July 15th to make the payments. This extension applies only to payments with an original due of April 15th.
For calendar year filers, extension requests are due July 15th. If a valid extension is filed, Forms CBT-100, CBT-100S, or CBT-100U will be due October 15, 2020.
For calendar year filers, the due date is extended to November 16th. This extension also applies to short period returns with an original due date of April 15th.
Information on extensions for fiscal filers is available here.
Statement of Estimated Tax for Banking and Financial Corporations with an original due date of April 15, 2020
Filers required to make estimated payments that were originally due and payable on April 15, 2020, have until July 15th to make the payments. This extension applies only to payments with an original due of April 15th.
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year
Partnership Application for Extension of Time to File Form NJ-CBT-106
• For calendar year businesses, returns are due July 15th;
• For fiscal year businesses, returns are due the 15th day of the fourth month after the end of the tax year
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