New Jersey BAIT extended to June 15, 2022

Last week, the New Jersey Division of Taxation announced that it is extending the due date of the Business Alternative Income Tax (BAIT) from April 18, 2022 to June 15, 2022. This extension is inclusive of the:

• 2021 PTE Election,
• 2021 PTE-100 Tax Return,
• 2021 PTE-200-T Extension of Time to File,
• 2021 Revocation Form, and
• 2022 Estimated Payments.

As a reminder, an entity must first register with the New Jersey Division of Revenue and Enterprise Services to be able to elect into the BAIT. The extension and all forms and payments must be filed electronically.

For more information about New Jersey’s BAIT regime, please reference our previous communications.

If you have any questions regarding how your business can benefit from the BAIT, please contact Alan Goldenberg, Principal and Leader of the State and Local Taxation and Tax Controversy groups, or your Anchin Relationship Partner.