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'Fiscal Year 2020'

Apr 14

State Fiscal Year, Income Tax and Corporate Tax Date Adjustments

Posted to The Town Crier - Legislative Backgrounder on April 14, 2020 at 1:34 PM by Amy Spiezio

Yesterday, both Houses passed and sent to the Governor, S-2338. This bill clarifies filing and payment deadlines for CBT and GIT taxpayers; modifies the duration of State Fiscal Years 2020 and 2021, and requires certain updates and presentations for State Fiscal Years 2020 and 2021.
This bill alters the duration of State Fiscal Year 2020 to conclude on September 30, 2020, and sets October 1, 2020, as the start of State Fiscal Year 2021. The bill also requires that any additional spending required to support the operations of the State from July 1, 2020, through September 30, 2020, be made through the enactment of a general law that amends or provides for a supplemental appropriation to that annual appropriations act.  This change does not apply to municipalities that adopt the State’s fiscal year and does not prevent municipalities from converting to a calendar fiscal year.
The bill requires the State Treasurer to prepare a report on the financial condition of the State budget for State Fiscal Years 2020 and 2021, which must be submitted to the Legislature by May 22, 2020, and prominently display on the Office of Management and Budget’s website.
The State Treasurer’s report is to include:  (1) an update on State revenue collections through the first nine months of State Fiscal Year 2020 and a revised forecast of revenue projections for the remainder of the current fiscal year;  (2) a detailed plan of spending from State, federal, and all other governmental funds for the continuation of essential governmental operations during the remainder of State Fiscal Year 2020; and  (3) an assessment of current economic conditions and the potential impact of the economy on the proposed budget for State Fiscal Year 2021.
The Governor is required to present the revised budget message by August 25, 2020.
It also postpones the filing dates for the gross income tax or the corporation business tax, from April 15 to July 15, 2020.  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.

Contact: Michael F. Cerra, Assistant Executive Director, 
mcerra@njlm.org or 609-695-3481 x120.