Business Guidance

NJ Business Alternative Income Tax Extended

The State of New Jersey has announced it will extend the deadline for the Business Alternative Income Tax (BAIT) Filings – included are forms PTE-100 for the 2021 tax year, the 2021 PTE Election, and the 2021 PTE-200 Extension. The BAIT was first enacted in 2020 for the filers of passthrough entity returns like Partnerships or S-Corporations where as an owner could elect to pay their New Jersey taxes through their business entity.

The details of the extension from the State as detailed by Thomson Reuters is as follows:

New Jersey—Corporate Income Tax—New Jersey BAIT deadline extended to June 15.

The New Jersey Division of Taxation has announced that the due dates for the 2021 PTE Election, 2021 PTE-100 Tax Return, 2021 PTE-200-T Extension of Time to File, 2021 Revocation forms, and 2022 Estimated Payments are extended to June 15, 2022 (original due date was April 18, 2022). An entity must first register with the New Jersey Division of Revenue and Enterprise Services to take advantage of the business alternative income tax (BAIT). To participate the entity must file an election form annually. All forms and payments must be filed electronically. (NJ Div. of Taxation, BAIT Extended to June 15, 2022, 03/16/2022.)

New Jersey—Partnerships—New Jersey BAIT deadline extended to June 15.

The New Jersey Division of Taxation has announced that the due dates for the 2021 PTE Election, 2021 PTE-100 Tax Return, 2021 PTE-200-T Extension of Time to File, 2021 Revocation forms, and 2022 Estimated Payments are extended to June 15, 2022 (original due date was April 18, 2022). An entity must first register with the New Jersey Division of Revenue and Enterprise Services to take advantage of the business alternative income tax (BAIT). To participate the entity must file an election form annually. All forms and payments must be filed electronically. (NJ Div. of Taxation, BAIT Extended to June 15, 2022, 03/16/2022.)

New Jersey—Personal Income Tax—New Jersey BAIT deadline extended to June 15.

The New Jersey Division of Taxation has announced that the due dates for the 2021 PTE Election, 2021 PTE-100 Tax Return, 2021 PTE-200-T Extension of Time to File, 2021 Revocation forms, and 2022 Estimated Payments are extended to June 15, 2022 (original due date was April 18, 2022). An entity must first register with the New Jersey Division of Revenue and Enterprise Services to take advantage of the business alternative income tax (BAIT). To participate the entity must file an election form annually. All forms and payments must be filed electronically. (NJ Div. of Taxation, BAIT Extended to June 15, 2022, 03/16/2022.)

For More Information on the business alternative income tax see previous posts on this site.

Richard Hoffman, CPA
Senior Partner

Prev Post

Other Articles by