Saturday, February 4, 2023
North-JerseyNews.com
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
North-JerseyNews.com
No Result
View All Result
Home County

Gov. Phil Murphy, Legislature Extend Tax Filing Deadline

Nathan Resso by Nathan Resso
April 14, 2020
in County
0 0
0
accounting analytics balance black and white

Photo by Pixabay on Pexels.com

0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Gov. Phil Murphy signaled he would enact a bill April 14 to extend New Jersey’s income and corporate tax filing to July 15. The Covid-19 Fiscal Mitigation Act won approval in the Legislature April 13.

Murphy noted the delay would provide financial flexibility to both the state and its residents as they endured the coronavirus pandemic.

“Pushing this deadline into the summer will give us additional time to combat the virus and get as many taxpayers as possible back on sound financial footing,” the governor said.

In the Senate, the bill was sponsored Sens. Paul Sarlo, Steven Oroho, and Anthony M. Bucco. In the Assembly, Assemblymembers Eliana Pintor Marin, Harold Wirths, and John Burzichelli served as sponsors.

Deadlines Extended for Income, Corporate Taxes

The legislation extends both Gross Income Tax and Corporation Business Tax filings, aligning to the federal deadline announced in March.

The bill extends the state fiscal year 2020 to Sept. 30, and extends the deadline for the quarterly payment due the week of April 12 to July 15. Of note, the second quarter payment will remain due on June 15.

The State Treasurer will be required to disclose the conditions of the budget for fiscal years 2020 and 2021 on May 22 under the law. Additionally, a revised budget proposal for fiscal year 2021 will be submitted by the governor by Aug. 25.

Addressing Uncertainty, Providing Stability

The act was praised by legislators as a way to provide stability among New Jersey residents facing unprecedented hardship. The breathing room would allow residents valuable time to calculate and manage their finances.

“We don’t yet know the full dimensions of the financial consequences for residents, businesses and the state, but there is no doubt that we all face some hard times,” said Sen. Sarlo.

Additionally, the pause would give the state time to develop a working budget to address issues caused by the coronavirus without sacrificing needed items if rushed to passage.

“Given that uncertainty, the challenges faced by taxpayers, and our inability to know if a State budget rushed to passage under these circumstances would truly be balanced as required by the New Jersey Constitution, changing the tax filing deadline and extending the State fiscal year are prudent moves,” said Sen. Bucco “Time will offer clarity on our fiscal picture and guidance on the best path forward.”

Share this:

  • Twitter
  • Facebook
  • More
  • LinkedIn

Like this:

Like Loading...

Related

Tags: Assemblyman Harold WirthsAssemblyman John J. BurzichelliAssemblywoman Eliana Pintor MarinCoronavirusCoronavirus OutbreakCoronavirus PandemicCorporation Business TaxCOVID-19Covid-19 Fiscal Mitigation ActGov. Phil MurphyGross Income TaxSen. Anthony BuccoSen. Paul SarloSen. Steve OrohoState BudgetState TreasurerTax Filing
Previous Post

North Jersey News Roundup for April 14, 2020

Next Post

AG Grewal Moves to Revoke Liquor License for Warren County Pub

Next Post
assorted wine bottles

AG Grewal Moves to Revoke Liquor License for Warren County Pub

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

support-Local

Recent Post

DeF DeDone

After Saying She Would, Assemblywoman DeFuccio Will Not Run for Reelection

by James Hickey
February 3, 2023
0

North-JerseyNews.com

Gottheimer: Omar Should Not Be Removed from House Committee

by James Hickey
February 3, 2023
0

North-JerseyNews.com

North-JerseyNews.com Roundup for Feb. 3, 2023

by North-JerseyNews.com
February 3, 2023
1

Popular

DeF DeDone

After Saying She Would, Assemblywoman DeFuccio Will Not Run for Reelection

by James Hickey
2023/02/03
0

North-JerseyNews.com

Gottheimer: Omar Should Not Be Removed from House Committee

by James Hickey
2023/02/03
0

North-JerseyNews.com

North-JerseyNews.com Roundup for Feb. 3, 2023

by North-JerseyNews.com
2023/02/03
1

Subscribe now

Join 100,000+ other subscribers

Select list(s) to subscribe to

ss-tp
2107.JG.FightForJersey

North-JerseyNews.com

When it comes to breaking news North Jersey, North Jersey local news or live news North Jersey, We all look for a reliable source that can give us authentic North Jersey news or local Jersey news.

© Copyright 2021 North-JerseyNews.com

Design and Developed By MOZWEBMEDIA

No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation

© Copyright 2021 North-JerseyNews.com
Design and Developed By MOZWEBMEDIA

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Finance-Currency-Financial-World-Dollar-Funds-634901

Add Your Heading Text Here

Pop-up Design 1 (1)

%d bloggers like this: