54A:5-9 S corporation tax exemption. 11. Except as otherwise provided by P.L.2019, c.320 (C.54A:12-1 et al.), an S corporation as such shall not be subject to the tax imposed by the 'New Jersey Gross Income Tax Act,' N.J.S.54A:1-1 et seq., but the S corporation income, dividends, and gain of a shareholder of an S corporation shall be subject to the tax, and the tax shall be imposed on the shareholder's pro rata share, whether or not distributed, of the S corporation income for its taxable year ending within or with the shareholder's taxable year. L.1993, c.173, s.11; amended 2019, c.320, s.9.
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