State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-10a > 54-10a-33

54:10A-33.  Banking corporations;  collected business corporation and business personal property taxes;  apportionment;  certification;  payment
    The taxes collected from banking corporations pursuant to the Corporation Business Tax Act (P.L.1945, c. 162) and the Business Personal Property Tax Act (P.L.1966, c. 136) shall be apportioned one-half thereof to the State, one-quarter thereof to the several counties of the State, and one-quarter thereof to the several local taxing districts of the State in which one or more  banking corporations have one or more offices.  Each county shall be paid by  the State a sum equal to that proportion of one-quarter of the total tax  collected by the State pursuant to this act from each banking corporation having one or more offices in such county, which the total deposit balances at all offices of such banking corporation in such county at the close of business  on the day preceding the assessment date bear to the total deposit balances of  such banking corporation in the State at the close of business on the day  preceding the assessment date. Each local taxing district in which one or more  banking corporations have one or more offices shall be paid by the State a sum  equal to that proportion of one-quarter of the total tax collected by the State  pursuant to this act from each such banking corporation, which the total  deposit balances at all offices of such banking corporation in such district at  the close of business on the day preceding the assessment date bear to the total deposit balances at all offices of such banking corporation in the county  where such district is located, as such deposit balances stood at the close of  business on the day preceding the assessment date.  The amount due to each  county and each local taxing district shall be annually certified by the  Director, Division of Taxation on or before June 1, and shall be paid annually  on or before July 10, by the State Treasurer to the counties and to the local  taxing districts entitled thereto, setting forth in detail the amount of the  tax received, the names of the banking corporations from which the tax was  received, the aggregate amount thereof, and the basis of apportionment.

     Laws 1975, c. 170, s. 2, eff. Aug. 4, 1975.  Amended by L.1977, c. 142, s. 1,  eff. June 30, 1977.