New Jersey § 5:12-148

§ 5:12-148.

a. In State fiscal years 2004 through 2006, a tax at the rate of 7.5% is imposed on

the adjusted net income of a casino licensee in calendar year 2002, determined pursuant

to information provided by casino licensees to the commission pursuant to regulations

promulgated in accordance with subsection n. of section 70 of P.L.1977, c. 110 ( C.5:12-70 ) and published on April 2, 2003 in the commission's statement of casino licensee

income for the twelve-month period ending on December 31, 2002, without regard to

subsequent adjustment to such filing. For a casino licensee that was not in operation in calendar year 2002, the amount

of the tax shall be 7.5% of its adjusted net income in State fiscal year 2004, as

filed by the licensee with the commission pursuant to regulations promulgated in accordance

with subsection n. of section 70 of P.L.1977, c. 110 ( C.5:12-70 ). As used in this section, “ adjusted net income ” means annual net income plus management fees. The aggregate amount of tax imposed by this section shall not exceed $10 million annually

for a holder of more than one casino license, and for each casino licensee the tax

imposed by this section shall not be less than $350,000 annually. b. The Director of the Division of Taxation in the Department of the Treasury shall collect and administer the tax imposed pursuant to this section. In carrying out the provisions of this section, the Director of the Division of Taxation

shall have all of the powers granted in P.L.1945, c. 162 ( C.54:10A-1 et seq. ). For a casino licensee that was in operation in calendar year 2002, the tax shall

be due and payable to the State Treasurer in four equal payments on September 15,

December 15, March 15, and June 15 of each State fiscal year. For a casino licensee that was not in operation in calendar year 2002, the tax in

State fiscal year 2004 shall be due and payable to the State Treasurer in four quarterly

estimated payments on the basis of adjusted net income in the current quarter, and

the licensee shall file an annual return for State fiscal year 2004 no later than

October 15, 2004. In State fiscal years 2005 and 2006 for such casino licensee, the tax shall be due

and payable to the State Treasurer in four equal payments on September 15, December

15, March 15 and June 15. c. The tax imposed by this section, and any interest or penalties collected by the Director of the Division of Taxation in the Department of the Treasury relating to that tax, shall be deposited by the State Treasurer into the Casino Revenue

Fund established pursuant to section 145 of P.L.1977, c. 110 ( C.5:12-145 ). d. The Director of the Division of Taxation in the Department of the Treasury shall certify annually on September 30 of each year the amount of tax required to be paid pursuant to this section. The Director of the Division of Taxation may promulgate such rules and regulations as the Director of the Division of Taxation determines are necessary to effectuate the provisions of this section. e. (Deleted by amendment, P.L.2004, c. 128 ). f. The tax imposed under this section shall be governed by the provisions of the “State

Uniform Tax Procedure Law,” R.S.54:48-1 et seq.