New Jersey Tax Changes - January 2025
New Jersey Corporate Income Tax—New Jersey extends economic recovery term for Camden.
L. 2024, S3969 (c.108), effective 01/06/2025, extends the provisions of the Municipal Rehabilitation and Economic Recovery Act for five years which is applicable to the City of Camden. This will extend the availability of a tax credit under N.J. Rev. Stat. § 52:27BBB-55 until January, 2030 when the Act expires.
New Jersey Credits and Incentives—New Jersey extends economic recovery term for Camden.
L. 2024, S3969 (c.108), effective 01/06/2025, extends the provisions of the Municipal Rehabilitation and Economic Recovery Act for five years which is applicable to the City of Camden. This will extend the availability of a tax credit under N.J. Rev. Stat. § 52:27BBB-55 until January, 2030 when the Act expires.
New Jersey Insurance Companies Taxes—New Jersey extends economic recovery term for Camden.
L. 2024, S3969 (c.108), effective 01/06/2025, extends the provisions of the Municipal Rehabilitation and Economic Recovery Act for five years which is applicable to the City of Camden. This will extend the availability of a tax credit under N.J. Rev. Stat. § 52:27BBB-55 until January, 2030 when the Act expires.
New Jersey Property Tax—New Jersey Supreme Court rules pre-2024 Tax Sale Law was unconstitutional.
The New Jersey Supreme Court has ruled that the pre-2024 version of the Tax Sale Law (TSL) was unconstitutional because it runs counter to the principles outlined by the U.S. Supreme Court in Tyler v. Hennepin County, 598 US 631 (2024). As a result, lienholders are entitled to recover debts they are owed which are the value of tax sale certificates they purchased at public auction along with interest and related costs. But they are not entitled to surplus equity in property that exceeds that amount. To the extent the prior version of the TSL deviates from those principles, it does not survive constitutional scrutiny. Property owners challenging a tax foreclosure on direct review therefore have a plausible claim for the value of property taken from them beyond the debt they owe. (257-261 20th Avenue Realty LLC v. Roberto, et al., N.J. S. Ct., Dkt. No. A-29-23, 01/09/2025 affirming N.J. Super Ct., App. Div., Dkt. No. A-3315-21, 10/17/2023.)