P.L. 2011, c. 189, which was signed into law on January 17, 2012, phases out the Cosmetic Medical Procedures Gross Receipts Tax over the next two years. A reduction in the tax is applicable for periods beginning in calendar year 2012.
Beginning July 1, 2012, the current 6% tax rate imposed on the gross receipts from cosmetic medical procedures as defined by the Act (N.J.S.A. 54:32E-1) will be reduced. The schedule for the tax phase out is as follows:
|Period When Procedures are Performed||Tax Rate|
|On or after July 1, 2012 - before July 1, 2013||4%|
|On or after July 1, 2013 - before July 1, 2014||2%|
|On or after July 1, 2014||0%|
Note: The first returns reflecting the collection of tax at the 4% rate will be due on October 20, 2012.
Please check the Division’s web site periodically for information on updated filing and payment instructions which should be available shortly.