State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-14 > 54-14-1

54:14-1.  Time when taxes due;  notification of deductions;  interest charged
    The taxes imposed under the provisions of articles one and two of chapter thirteen of this Title shall be due, in each case on the first day of January of the year with respect to which the tax is imposed and shall be paid to the State Tax Commissioner as hereinafter provided.

    a.  The taxes imposed under the provisions of article one of chapter thirteen of this Title, except those due from domestic corporations entitled to  deductions under the provisions of section 54:13-8 of the Revised Statutes,  shall be paid to the State Tax Commissioner on or before the fifteenth day of  May in the year with respect to which they are imposed or assessed, unless the  time for filing the return upon which the tax is computed shall be extended.   If the time for filing the return shall be extended, the payment of the tax  shall be postponed to the date fixed by the extension of the time for the  filing of the return, but in every such case the corporation shall pay, in  addition to the tax, interest thereon at the rate of six per centum per annum  from the time when the return originally was required to be filed to the time  of payment under the extension.

    b.  The taxes imposed under the provisions of article one of chapter thirteen of this Title upon domestic corporations which are entitled to deductions under the provisions of section 54:13-8 of the Revised Statutes, and  the taxes imposed under the provisions of article two of chapter thirteen of  this Title shall be paid to the State Tax Commissioner on or before the first  day of September in the year with respect to which they are imposed.

    c.  On or before the first day of August in each year, the State Tax Commissioner shall prepare and mail to each corporation entitled to a deduction  under the provisions of section 54:13-8, and to each corporation subject to the  taxes imposed under the provisions of article two of chapter thirteen of this  Title, an assessment, in such form as he shall prescribe, setting forth the  amount of tax due from the corporation in that year.  The failure to receive an  assessment shall not relieve a corporation from the liability to pay any tax or  interest thereon due from it to the State.

    d.  If any tax imposed under the provisions of articles one and two of chapter thirteen of this Title shall remain unpaid after the time it shall be payable as provided in this section, it shall bear interest until paid, at the rate of one per centum per month or fraction thereof.

    e.  The taxes, penalties and interest which shall be collected by the State  Tax Commissioner under the provisions of chapters thirteen and fourteen of this  Title shall be paid to the State Treasurer for the credit of the general State  fund.

     Amended by L.1939, c. 137, p. 467, s. 8.