In New Jersey, if you own an S corporation and need to file an extension, you are generally required to pay a minimum tax along with the extension request. For Subchapter S corporations, the minimum tax is based on the corporation’s New Jersey gross receipts as follows:
New Jersey S Corporation Minimum Tax Rates
- Gross Receipts $0 – $100,000: $375 minimum tax
- Gross Receipts $100,001 – $250,000: $562 minimum tax
- Gross Receipts $250,001 – $500,000: $750 minimum tax
- Gross Receipts $500,001 – $1,000,000: $1,125 minimum tax
- Gross Receipts over $1,000,000: $1,500 minimum tax
When you request an extension using Form CBT-200-T (Corporation Business Tax Tentative Return and Application for Extension), you must pay the greater of:
- The applicable minimum tax based on the above gross receipts schedule.
- 90% of the actual tax liability to avoid penalties.
If your S corporation has no taxable income, you still need to pay the minimum tax based on gross receipts.
Filing an Extension
In New Jersey, the extension request for an S corporation is due by the original tax filing deadline, which is the 15th day of the fourth month following the end of your fiscal year. For most S corporations with a calendar year (ending December 31), this means the extension request is due by April 15.
To file for an extension, you should submit Form CBT-200-T along with the minimum tax payment (or 90% of the actual tax liability if higher) by this deadline. The extension generally provides an additional six months to file the return, pushing the due date to October 15 for calendar-year filers.
Keep in mind that this is an extension of time to file, not to pay. Any unpaid tax by the original due date may accrue penalties and interest.
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